NEWPORT BEACH, CA—The joint venture of Isles RanchPartners, LLC and Castlelake, L.P., hascompleted six new real estate acquisitions during the first fivemonths of 2014.

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Isles Ranch Partners and Castlelake, both alternative investmentfirms, formed a strategic joint venture in August 2012. Since itsinception, more than $325 million has beencommitted to 28 transactions encompassing morethan 7,600 lots. The six new acquisitions were closed withfive different homebuilding or developer operatingpartners, four of which were new partners.

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"We are excited to close three additional acquisitions inNorthern California as we look to further increase our exposure inattractive submarkets in the region," said TomOrradre, managing partner of Isles Ranch Partners.

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The six new deals closed by the strategic partnershipinclude:

  • Evans Estates: Acquisition in partnership with Duc Developmentof 437 undeveloped single-family detached lots in Manteca,California.

  • Garin Townhomes: Acquisition in partnership with Duc Developmentof 105 undeveloped single-family townhome lots in Brentwood,California.

  • Seascape: Acquisition in partnership with Preface of a 10-acresite for mixed-use development in East San Francisco Bay,California.

  • Orchard Park: Acquisition in partnership with HighpointeCommunities of a 90-acre site for residential development in LomaLinda, California.

  • Envy: Acquisition in partnership with Deco Communities of a siteto be developed in the Entertainment District in Scottsdale,Arizona.

  • Westgate at The Glen: Acquisition in partnership with Edward R.James Companies of a 30-acre site to be developed into 171 homes –a combination of townhomes, row homes and cluster single-familyhomes – at The Glen in Glenview, Illinois, within the ChicagoMetropolitan Statistical Area.

"These new investments continue the momentum of our jointventure and highlight the diversity of our platform," statedKevin Hackler, managing director and portfoliomanager at Castlelake.

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Isles Ranch Partners targets opportunistic, value-driveninvestments primarily in the residential acquisition, developmentand construction (AD&C) space. Castlelake, L.P. is a globalinstitutional alternative investment firm focused on deep value,asset rich opportunities.

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“The closing of our second deal in the Chicago market and firstwith Edward James Companies, a third-generation homebuilder,illustrates the importance of having strong, local operatingpartners,” added Neal Johnson, managing partner ofIsles Ranch Partners.

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David Phillips

David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.