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
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.
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