Invest With TDG
Strategic. Unique. Discrete.
Passive positions alongside a developer who puts its own name — and capital — into every project.
The Track Record
Seven realized exits. Three built to hold.
The figures below reflect ten completed TDG developments with documented financial outcomes — five single-family, two multifamily sales, and three multifamily builds refinanced and held. Sponsor-level, unaudited, and pre-tax. Past performance is not indicative of future results.
Totals combine the single-family and multifamily exits detailed below and include return of capital plus profit distributions, refinance proceeds, and recapitalizations. The three refinanced-and-held multifamily properties are shown separately as unrealized equity marks, not proceeds, and are excluded from these totals.
Equity multiple, by property.
All seven realized exits, ranked by equity multiple. The Treehouse HH — the one disclosed loss — carried new-construction scope not present in the other deals.
The Structure
One entity per deal. Investors paid first.
Each acquisition is held in its own single-purpose LLC with TDG as manager. Investors hold a passive Class A position — and preferred returns are paid before the manager earns a share.
Deals are structured as joint ventures, partnerships, or 506(c) syndications, depending on the project and the investors at the table.
The Terms
Completed Work — Single-Family
Five Hollywood Hills exits, realized in full.
Sold $8.65M
Sold $6.75M
Sold $6.40M
Sold $7.25M
Sold $7.00M
Excluding the one disclosed loss, average IRR across the remaining four single-family exits is approximately 54%. The Treehouse HH carried new-construction scope — retaining walls and 30+ caissons — and returned sponsor equity at 0.73x after debt and carry, disclosed here for completeness. Sponsor-level, unaudited, pre-tax results. Past performance is not indicative of future results.
Want the full underwriting?
Exact equity invested, total returned, and hold period for each of these five exits — plus the blended totals — are included in the investor packet we send after a short conversation.
Completed Work — Multifamily
Sold outright, and built to hold.
Two multifamily developments have been sold and fully realized. Three more were refinanced into term debt and are held today as stabilized, 100%-occupied rentals.
Sold $4.20M
Sold as TIC $2.91M
The David III was built ground-up as a triplex and sold as three separate fee-simple tenancy-in-common units across multiple closings — a sellout takes longer than a single-buyer sale, which is reflected in the lower multiple. Sponsor-level, unaudited, pre-tax results.
Want the full underwriting?
Exact equity invested, total returned, and hold period for each multifamily exit — plus the blended totals — are included in the investor packet we send after a short conversation.
Refinanced and held — unrealized.
Three ground-up multifamily builds delivered, refinanced into term debt, and retained as stabilized rentals. Figures below are equity marks as of the most recent valuation, not sale proceeds.
Held · 14 Units
Held · 5 Units
Held · 4 Units
Equity marks reflect value less first trust deed debt as of the most recent internal valuation; multiples are unrealized and will change at refinance or sale. Combined stabilized value of the three properties is approximately $15.85M against roughly $938K in annual net operating income. Junior portfolio debt of approximately $1.4M also encumbers these assets.
Relative Performance
The same equity, benchmarked.
Take the equity from three of the single-family exits above — $2.27M — and imagine it parked in the usual alternatives over the same hold periods instead. Here's how each path would have multiplied it.
Benchmarks compound each alternative at the stated long-run annual rate over each deal's actual hold period, applied to the same equity — illustrative context only, not evidence of risk-adjusted outperformance. Real estate development carries leverage, concentration, and loss risk that diversified public markets don't. Past performance is not indicative of future results.
The Waterfall
Where the money goes at sale — in order.
Distributions are paid out according to the operating agreement governing each entity, alongside an 8% annual preferred return to Class A investors. The sequence below reflects the standard structure; exact terms are set in the definitive documents for each deal.
Debt retired
Existing mortgage and construction loan are paid off first, along with agent commissions and closing costs.
Principal returned
Investor capital comes back before any profit is split, per the terms of the operating agreement.
Preferred return paid
Investors receive their 8% annual preferred return on invested capital, as set out in the operating agreement.
Equity split
Remaining equity is divided between Class A investors and the TDG manager position, pro rata to the structure of the deal.
Actual waterfall terms — including the preferred return rate, any catch-up provision, and promote split — are governed by each deal's operating agreement and may vary by offering. Reference the definitive offering documents for a specific deal before investing.
Why Invest With TDG
You're not funding a spreadsheet.
You're backing a founder-led firm with 30+ years in Los Angeles development, in-house representation that has set neighborhood records, and 13 projects in active development across the city.
- Aligned interests — the manager earns after investors are paid, not before.
- Full transparency — investment disclosures for every deal, before you commit.
- Real assets — every dollar sits in a specific LA property you can drive past.
Currently welcoming accredited and sophisticated investors.
Past performance shown above reflects completed TDG developments; results are sponsor-level, unaudited, and pre-tax, and are not the returns of any specific fund or investor offering. Past performance is not indicative of future results. Every deal is different and carries its own risks, including risk of loss of principal. Distribution terms, including the preferred return and waterfall, are governed by the operating agreement for each offering. Reference Thornton Development Group's Legal Disclosures prior to committing to any investment. All information deemed reliable but not guaranteed; independently review and verify. This page is not an offer to sell securities.