TPG Angelo Gordon Scoops Up 41 Acres for Big Housing Project in Southern California
Plans call for 429 condos in the Inland Empire
By Nick Trombola January 23, 2024 1:35 pm
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TPG Angelo Gordon continues to buy up large plots of land in Southern California’s Inland Empire region.
The alternative investment firm last month purchased a 41.3-acre plot in Rialto, Calif., for $44.5 million, or roughly $1.08 million per acre, according to data sourced from Vizzda. Upland, Calif.-based Lewis Group of Companies and Dallas-based Hillwood Development were the sellers of the property, which is at the cross streets of Ayala Drive and State Route 210.
The land is organized for the development of 429 attached and detached condominiums, currently dubbed Renaissance Liberty, per Vizzda. TPG Angelo Gordon purchased the property as a land-banking partner on behalf of Lennar Homes, which holds an option on the property. The property’s deed of trust, which is described as a “Payment and Performance Agreement,” secures monetary obligations in the form of future profit sharing to both Lewis Group and Hillwood, according to Vizzda. Construction on the condos is expected to finish by early 2028.
TPG Angelo Gordon declined to comment for this article. Neither Lewis Group nor Hillwood could immediately be reached for comment.
Also in December, TPG Angelo Gordon, in association with homebuilders Toll Brothers, purchased over 46 acres in Palm Desert for $34.3 million. That property is a part of the University Park living community, consists of 169 single-family lots and is located just southeast of Downtown Palm Springs.
More people looking to buy a home in the Greater Los Angeles area have been looking eastward, as median prices for average-sized detached homes in Coachella Valley are significantly lower than in Los Angeles.
Nick Trombola can be reached at NTrombola@commercialobserver.com.
