Newly Formed Isles Ranch Partners Completes Four Residential Acquisitions

Investment Management Firm Announces Real Estate Investments in Southern California Totaling $50 Million

NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Isles Ranch Partners, LLC, an alternative investment management firm, today announced it has recently completed four real estate acquisitions within Southern California including Rancho Santa Fe, Carlsbad, Lakeside and Palm Springs. These acquisitions, totaling approximately $50 million of committed capital, were closed through a strategic partnership between Isles Ranch Partners and TPG Credit Management, L.P., a global special situations investment organization. The four acquisitions were closed with three different homebuilding operating partners.

“We are pleased to formally announce the launch of Isles Ranch Partners, along with our strategic partnership with TPG Credit Management, L.P. on the heels of these four exciting real estate acquisitions across Southern California”

"We are pleased to formally announce the launch of Isles Ranch Partners, along with our strategic partnership with TPG Credit Management, L.P. on the heels of these four exciting real estate acquisitions across Southern California," said Tom Orradre, founder and Managing Partner of Isles Ranch Partners. "We are confident that our long-term focus on residential acquisition, development and construction, coupled with our strong operating partner relationships, enables us to create significant value for our investors and strategic partners."

“We are excited to continue to express our conviction about targeted residential real estate opportunities and are confident we have found a strong partner in Isles Ranch to further expand our presence in residential acquisition, development and construction,” said Kevin Hackler, head of TPG Credit’s U.S. private investment business.

The four deals closed by the strategic partnership include:

• The Farms in Ranch Santa Fe – The Michael Group: Acquisition in partnership with The Michael Group of 7 substantially finished single-family lots at The Farms in Rancho Santa Fe, California.
• Greenhills Ranch – The Michael Group: Acquisition in partnership with The Michael Group of 31 fully and partially finished single-family lots at Greenhills Ranch in Lakeside, California.
• La Costa Town Square – Davidson Communities: Acquisition in partnership with Davidson Communities of 63 single-family lots at La Costa Town Square in Carlsbad, California.
• Sōl - Palm Springs – Family Development: Acquisition in partnership with Family Development of 46 undeveloped single-family lots at Sōl - Palm Springs in Palm Springs, California.

About Isles Ranch Partners, LLC
Isles Ranch Partners is an alternative investment management firm currently capitalized to invest over $200 million. The firm targets opportunistic, value-driven investments primarily in the residential acquisition, development and construction (AD&C) space. Founded in August 2012, the firm is headquartered in Newport Beach. For additional information, please visit www.islesranch.com.

About TPG Credit Management, L.P.
TPG Credit was founded in August 2005 by Rory O'Neill in partnership with the principals of TPG Capital, L.P. TPG Credit currently has approximately $2.3 billion of investment capital through five funds. The team is comprised of 53 professionals and offices in Minneapolis and London. For more information, please contact TPG Credit at [phone].

About The Michael Group
Founded in 2010 by Mike Levesque and Greg Hastings, TMGG is a fully integrated real estate company with offices in Carlsbad, California. TMGG’s three areas of concentration include land acquisition & entitlements, land development & homebuilding, and consulting & advisory services which are executed through its affiliate companies, Michael Gregory Development Corporation, Michael Gregory Realty Corporation, and Michael Gregory Builders.

About Davidson Communities
Davidson is one of the leading residential real estate companies in the western United States. The company designs, builds and markets single-family and multi-family housing that meets diverse living needs, and develops master-planned communities that stand the test of time. Since 1978, Davidson Communities has completed over 40 residential projects and built nearly 5,000 homes. Davidson is headquartered in Del Mar, CA with homebuilding operations focused on the San Diego, Orange County, Los Angeles and Inland Empire markets.

About Family Development
Founded in 2003, Family Development is a privately held development and home building company with offices in Palm Desert, California and Scottsdale, Arizona. With projects representing approximately $400,000,000 in sales revenue, the company has been responsible for delivering over 1,000 homes and developing land for many more. Their impressive sales volume coupled with the company’s impeccable reputation, make Family Development one of the most successful private homebuilding firms in the western United States.