Five Point Holdings Launches Hearthstone Residential Land-Banking JV with Blue Owl
Five Point Holdings has launched the Hearthstone Residential Land Banking Investment Partnership with Blue Owl-managed funds to acquire and develop residential land assets in California. The joint venture will provide capital for land purchases and accelerate Five Point’s residential lot pipeline by leveraging Blue Owl’s funding alongside company expertise.
1. Partnership Formation
Five Point Holdings and Blue Owl-managed funds have established the Hearthstone Residential Land Banking Investment Partnership to jointly acquire and develop residential land sites across California. The venture combines Five Point’s site identification and entitlement capabilities with Blue Owl’s private credit capital solutions.
2. Capital Structure
Blue Owl-managed funds will provide committed capital to fund land acquisitions, reducing Five Point’s reliance on its own balance sheet and enabling scalable growth of its residential lot inventory. The partnership structure aligns funding availability with Five Point’s development milestones.
3. Strategic Benefits
The joint venture leverages complementary expertise to target risk-adjusted returns through phased land banking, accelerate lot deliveries and enhance liquidity. Five Point gains funding flexibility while Blue Owl accesses stable, sponsored land assets for its investors.