It’s the way we think
that sets us apart.

TMG Partners has been in the business of developing award-winning, financially-successful, community-based real estate for 39 years. As much as we have accomplished over the last three decades, we believe it is the way we THINK about our region, the risks we manage, the critical timing of our projects and the value we create that sets us apart.
Localism

Real Estate is
a local business.

No, really.

The San Francisco Bay Area is an extremely diverse real estate marketplace with countless micro-business climates teeming with possibility. But you have to be here—and know here—to make the most of the opportunities all around us. Having been exclusively committed to the Bay Area for over three decades, we have developed a keen local intuition which gives us a unique advantage in recognizing both the opportunities and risks in this complex market.
Regionalism

We Think
Mega

If we try to solve our land use problems by focusing only on the nine Bay Area counties, we will fail.

Michael CovarrubiasChairman & CEO

As the Bay Area’s economy has grown over the last three decades, so too has its challenges—particularly related to transportation, housing, affordability and climate change. To plan for growth of 4 million more people in the next third of a century, TMG is thinking bigger, beyond our nine Bay Area counties, and working on longer term strategies to create greater connectivity across our entire megaregion.
Timing

It’s got to work at low tide as well as high tide.

Some of our best deals are the ones we didn’t do.

Matt FieldChief Investment Officer

Almost anyone can make money in a positive economic climate. But it takes discipline, depth of market knowledge and experience in all major product types to know when to buy and when to sell. The most profitable deals can be the ones you decide just don’t make sense or are outbid by an “out of town” competitor. Because we are active in our markets on a daily basis, TMG Partners has managed a portfolio through 39 years of market cycles that works in all phases and has withstood the sands of time.
Vision

huh?

Once it’s obvious, it’s too late.

Cathy GreenwoldSenior Advisor

If you wait for the statistical proof to confirm real estate opportunities, you’re looking backwards. TMG Partners has cultivated an approach to studying the business landscape that reveals market opportunities before they become obvious. Our contrarian investment strategy balances optimism and caution with the intent of turning forward-looking investments into no-brainers.
Returns

Redefining IRR

Our measure for success goes beyond profit.

Lynn TolinChief Operating Officer

Most investment professionals have a clear understanding of IRR: Internal Rate of Return, a purely financial measurement of performance. At TMG we use a different definition. For us, IRR means balancing Integrity, Relationships and Results. We measure every aspect of our business through this lens to ensure our partners, communities, tenants and buyers are treated with the highest degree of respect and responsibility while we consistently deliver superior financial performance.
Think
Localism
Regionalism
Timing
Vision
Returns
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News & Awards.

TMG Partners has won awards for many projects
including honors for “Best Mixed Use,”
“Best Office,” and “Best Historic Rehabilitation”.
In the News. Press Releases. Awards.
Route Fifty
Zoning reform made way for an explosion of smaller homes in California. Will it work elsewhere?
by Molly Bolan

Encouraged by California’s success, states across the country are passing laws to allow for more accessory dwelling units to address a shortage of affordable homes. But a slew of factors can keep the housing solution from taking off.

 

Whatever name they go by—granny flats, in-law suites, backyard bungalows, casitas—accessory dwelling units in California have exploded over the last several years. The number of these small homes permitted each year increased by more than 15,000% between 2016 and 2022. Last year, 1 in 5 of all new homes in the Golden State were ADUs.

It’s a rare success story in the midst of a nationwide affordable housing shortage, and one that other states want to replicate. But it’s not as easy as flipping a switch, said Yonah Freemark, research director of Urban Institute’s Land Use Lab. 

“Saying, ‘You can build an ADU,’ is not necessarily adequate to actually get ADUs built,” he said. “There are a number of different other obstacles standing in the way,” including parking and setback minimums that can be nearly impossible to meet when working with limited space.

California’s journey began in 2016 when it started enacting a series of laws that limit the restrictions local governments can place on ADUs and streamline permitting processes—–a boon for the ADU industry. The bills effectively created a new market in the state, said Denise Pinkston, founder of Casita Coalition, a nonprofit that advocates for ADU-friendly policies.

Prior to 2016, the ADU industry in California was struggling, said Pinkston. “Factories went bankrupt. ... [But today], there are literally dozens of companies in California, more coming through every day, that are building accessory dwelling units in factories and selling enough of them to have a profitable ongoing business.”

With the average ADU valued somewhere between $200,000 and $300,000, the ADU industry is burgeoning while offering a housing solution with relatively little government spending. 

“It’s not quite the tech boom,” Pinkston said, “but it's still solid economic growth—and from an unexpected place that solves a lot of social problems.”

Unsurprisingly, other states want in on the action and are considering their own zoning reforms to limit local restrictions on ADUs. 

A multibillion dollar Massachusetts bond bill, for example, is making its way through the state legislature and would, among other initiatives, make accessory dwelling units allowable by right across the state. A few weeks ago, the Rhode Island General Assembly approved legislation allowing property owners to build ADUs while stipulating those units cannot be used as short-term vacation rentals. In May, Colorado approved legislation that requires cities with a population of more than 1,000 to allow ADUs on the properties of single-family homes. The list goes on.