A pair of notable developers are getting creative with a housing project in Orange County as real estate stakeholders work to increase available housing stock and help address California's affordability concerns.
A joint venture of TPG Angelo Gordon & Co. and Lennar spent $25.1 million to acquire a vacant retail site in Buena Park after months of developing an entitlement plan to convert the underutilized property into much-needed housing.
The complex entitlement process to ready the site for the 93-unit townhome project included securing a general plan amendment, a zone change, a tentative tract map and a conditional use permit to switch the property from an outdated retail parcel to a residential use that "makes excellent use of the land," according to REMM International President Robert Taylor.
The Dale Townhomes project — selected by a panel of local industry professionals as the winner of the 2025 CoStar Impact Awards sale of the year for Orange County — is part of statewide efforts to add 2.5 million homes by 2030.
The area’s local economy is expected to expand exponentially due to several revitalization and development projects underway and the area's strong manufacturing and warehousing sectors driving demand for more housing options.
About the project: The City of Buena Park processed a request to allow the demolition of a single vacant commercial structure to allow the development of the 93-unit, two—and three-story semi-attached townhomes. There will also be 212 on-site parking spaces, including electric vehicle charging. Each unit will feature attached two-car garages at ground level and above-ground floors of living space.
What the judges said: "The Dale Townhomes Project has had a profound impact on the local housing market by introducing much-needed residential options in a prime, high-demand area," said Jillian Sabaugh, president of Ukropina Sabaugh Inc. "The approval process for converting this site from commercial to residential use was not without its challenges as well."
They made it happen: Colliers Senior Executive Vice President Chuck Wilson represented the buyer, joint venture acquisition group and the seller, Perge Ventures Inc., in the transaction.
CoStar Market Manager Amanda Fender contributed to this report.