Approvals Into Assets

ZG Properties Development is a well capitalized boutique development and investment firm building residential and industrial assets across Southern California.

Our Philosophy

No Hands Off

A development return is not one decision. It is several hundred, made over several years, and most of the value leaks at the seams where one firm hands the project to the next. We took the seams out. ZG buys the land, carries the entitlement, pulls the permit, and closes the sale.

A principal sits on every one of those decisions. This is only possible because we are a small firm, and we intend to stay that way. Our principals have delivered ground up development from Southern California to Shanghai, including projects that helped shape that skyline. Small firm, large projects.

Our own capital goes into every project we sponsor. We are general partner on the majority of our portfolio, and where the alignment is right we come in as co general partner or as a limited partner. On selected assignments we provide the financing and the development management without taking title.

$200M+

Development Value

$80M+

In Project Pipeline

15+

Years Experience

What We Build

Residential

Multifamily, condominium, hotel, and commercial.

We focus on infill, in mature neighborhoods with strong renter demand and appreciation potential. By right is the preference, not the rule. We understand value is created at the approval and protected in the build, and we have the record to take the harder path when a site is worth it.

Industrial

Southern California started us in warehouses, and we never left. We carry an industrial project across its full life: site, shell, tenant improvement, occupancy. One team the whole way, so nothing is lost in a handoff.

Part of that work is cannabis. It is a specialized build. Heavy power, heavy ventilation, and a permitting path that runs alongside the building permit. Most shell developers will not take on cannabis TI. We will, and when an owner wants us through operations, we stay. We have been running successful cultivation facilities alongside our partners since the early days of legalization.

Services

Disciplined Process, Measured Outcomes.

Most of our ground up projects run under three years from acquisition to delivery, depending on project size and complexity.

01

Market Analysis

Submarket demand, demographic trends, absorption, comparable pricing, and competitive supply. We buy where the demand is already proven and the product is genuinely scarce. Every acquisition thesis is written down before an offer goes out, and if the data does not support it we do not adjust the thesis.

stanford-aerial-tagging-+-zboard - peter-kaminski (openverse)

01

Market Analysis

Submarket demand, demographic trends, absorption, comparable pricing, and competitive supply. We buy where the demand is already proven and the product is genuinely scarce. Every acquisition thesis is written down before an offer goes out, and if the data does not support it we do not adjust the thesis.

stanford-aerial-tagging-+-zboard - peter-kaminski (openverse)

01

Market Analysis

Submarket demand, demographic trends, absorption, comparable pricing, and competitive supply. We buy where the demand is already proven and the product is genuinely scarce. Every acquisition thesis is written down before an offer goes out, and if the data does not support it we do not adjust the thesis.

stanford-aerial-tagging-+-zboard - peter-kaminski (openverse)

02

Feasibility & Due Diligence

Financial modeling, sensitivity analysis, and a full read of the physical and regulatory condition of the site. Zoning and code capacity, title, utilities, environmental, and hard and soft cost validation against current bids. We go through each line item meticulously before capital is committed.

architect-wearing-a-face-mask-holds-blueprints-and-clipboard,-emphasizing-safety - thirdman (pexels)

02

Feasibility & Due Diligence

Financial modeling, sensitivity analysis, and a full read of the physical and regulatory condition of the site. Zoning and code capacity, title, utilities, environmental, and hard and soft cost validation against current bids. We go through each line item meticulously before capital is committed.

architect-wearing-a-face-mask-holds-blueprints-and-clipboard,-emphasizing-safety - thirdman (pexels)

02

Feasibility & Due Diligence

Financial modeling, sensitivity analysis, and a full read of the physical and regulatory condition of the site. Zoning and code capacity, title, utilities, environmental, and hard and soft cost validation against current bids. We go through each line item meticulously before capital is committed.

architect-wearing-a-face-mask-holds-blueprints-and-clipboard,-emphasizing-safety - thirdman (pexels)

03

Entitlement & Permitting

Minimizing plan amendments, discretionary approvals, and agency and council strategy. We plan the approval before we plan the building. Staff sees the project long before it is filed. By the time it reaches a hearing the decision is being confirmed rather than argued.

brown pencil on white printing paper

03

Entitlement & Permitting

Minimizing plan amendments, discretionary approvals, and agency and council strategy. We plan the approval before we plan the building. Staff sees the project long before it is filed. By the time it reaches a hearing the decision is being confirmed rather than argued.

brown pencil on white printing paper

03

Entitlement & Permitting

Minimizing plan amendments, discretionary approvals, and agency and council strategy. We plan the approval before we plan the building. Staff sees the project long before it is filed. By the time it reaches a hearing the decision is being confirmed rather than argued.

brown pencil on white printing paper

04

Capital

Debt and equity arranged through our own balance sheet and standing relationships with private investors, fund partners, and construction and bridge lenders. Underwriting packages are built to survive a credit committee. We size the leverage to the downside case, not to the pro forma, and the capital is identified before we go under contract.

low-angle-photo-of-high-rise-building - viktor-jakovlev (unsplash)./pho

04

Capital

Debt and equity arranged through our own balance sheet and standing relationships with private investors, fund partners, and construction and bridge lenders. Underwriting packages are built to survive a credit committee. We size the leverage to the downside case, not to the pro forma, and the capital is identified before we go under contract.

low-angle-photo-of-high-rise-building - viktor-jakovlev (unsplash)./pho

04

Capital

Debt and equity arranged through our own balance sheet and standing relationships with private investors, fund partners, and construction and bridge lenders. Underwriting packages are built to survive a credit committee. We size the leverage to the downside case, not to the pro forma, and the capital is identified before we go under contract.

low-angle-photo-of-high-rise-building - viktor-jakovlev (unsplash)./pho

05

Construction & Execution

Permitting, contractor selection and bidding, construction management, loan draws, leasing, and property operations coordinated through our own team and partner sub-contractors. Almost everything is done through one firm with one schedule, from first submittal to final unit leased. Change orders get an answer the day they land, because a week of indecision might cost more than any change does.

gray-concrete-building-under-construction - tolu-olubode (unsplash)./pho

05

Construction & Execution

Permitting, contractor selection and bidding, construction management, loan draws, leasing, and property operations coordinated through our own team and partner sub-contractors. Almost everything is done through one firm with one schedule, from first submittal to final unit leased. Change orders get an answer the day they land, because a week of indecision might cost more than any change does.

gray-concrete-building-under-construction - tolu-olubode (unsplash)./pho

05

Construction & Execution

Permitting, contractor selection and bidding, construction management, loan draws, leasing, and property operations coordinated through our own team and partner sub-contractors. Almost everything is done through one firm with one schedule, from first submittal to final unit leased. Change orders get an answer the day they land, because a week of indecision might cost more than any change does.

gray-concrete-building-under-construction - tolu-olubode (unsplash)./pho

About Us

About Us

The Principal

Two principals, decades of built work behind them, and a project manager who runs the job rather than reports on it. Nothing gets handed solely to a junior. The people who underwrite the deal are the people at the jobsite.

P.J. Chen

Principal

P.J. Chen

Principal

Z.G. Chen

Principal

Z.G. Chen

Principal

Johnathan Chen

Project Manager

Johnathan Chen

Project Manager