GTIS Partners Completes Land Sales in California and Arizona

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Mar 02, 2023, 09:00 ET

Beachwalk Property to Provide 292 Single-Family Homes in Supply-Constrained Southern California

Merrill Ranch Site to Comprise 12,000 Homes and Commercial Space in Arizona

OXNARD, Calif. and PHOENIX, March 2, 2023 /PRNewswire/ -- GTIS Partners ("GTIS"), a global real estate investment firm managing $4.3 billion in gross assets with a U.S. focus on residential and industrial/logistics investments, announced today the sale of a 90-acre land parcel of Beachwalk on the Mandalay Coast ("Beachwalk") to a joint venture between Sixth Street and Harridge Development Group and 4,150 acres at Merrill Ranch to El Dorado Holdings.

Beachwalk is in Oxnard, CA and its approved plan consists of 292 single-family detached residential units, public parks, trails, and open space directly adjacent to neighboring Mandalay Beach. During GTIS' ownership of Beachwalk, the firm worked with multiple Federal, State and local regulatory agencies to remediate the sites soil and groundwater issues, while also providing a perpetual protected habitat for an endangered plant species.

Merrill Ranch is located in Florence, AZ, in close proximity to the Phoenix's Southeast Valley, about 20 miles southeast of Gilbert, Chandler and Mesa. The site is comprised of approximately 14,000 planned lots of zoned and partially-entitled residential land and 900 acres zoned for commercial use. During GTIS's ownership, the firm worked with the town of Florence to extend a development agreement granting homebuilders reduced impact fees to incentivize future development of single-family homes in the area.

"Beachwalk was one of the largest fully-approved residential coastal properties in Southern California, and is bringing 292 housing units to an area in need of additional housing stock. These transactions are a direct result of the deep expertise that our team brings to identifying and maximizing the value of its projects across the U.S.," said Scott Bordogna, Senior Director, Head of Asset Management at GTIS Partners.

Theodore Karatz, Managing Director at GTIS, stated, "Merrill Ranch was one of many strategic investments we've made in and around the Phoenix, Arizona area." He added, "The sale of these unique properties represents a very successful outcome for our investors despite challenging markets."

The firm has an extensive track record of investing in residential real estate, including land development and home building projects with a focus on the U.S. Sunbelt totaling approximately $7 billion in project cost across 100+ projects.

GTIS was represented by Land Advisors Organization, LLC on the sale of Beachwalk and Nathan & Associates, Inc. on the sale of Merrill Ranch.

About GTIS Partners

GTIS Partners is a leading real estate investment firm in the Americas, headquartered in New York with offices in São Paulo, San Francisco, Los Angeles, Atlanta, Charlotte, Paris and Munich. The firm was started in 2005 and is managed by President and founder Tom Shapiro and seven other partners The firm manages $4.3 billion in gross assets and is active across a wide range of real estate sectors including single family and multifamily housing, office, industrial/logistics and hospitality as well as opportunity zone investments. The firm invests at various points in the capital structure including credit, common equity and structured equity. In the US, GTIS has invested in over 190 assets across 40 unique markets including growth areas such as Phoenix, Dallas, Houston, Denver, Atlanta, Tampa and Charlotte. In Brazil, GTIS is among the largest real estate private equity firms with holdings including office, residential, logistics, and hospitality investments. Marquee assets developed by GTIS Partners in São Paulo include the Infinity office building and Palácio Tangará, a five-star resort style hotel. For more information, please visit www.gtispartners.com.