Another large development site in the Inland Empire has traded hands recently. According to Vizzda records, several entities affiliated with Richland Communities sold 30 acres of land in Ontario for $65.14 million. The buyer in the transaction was an entity affiliated with TPG Angelo Gordon in association with home builder Pulte Homes.
The site is situated at the southwest corner of Hamner Avenue and Edison Avenue. The site is proposed for a 333-unit residential development, including 156 row townhome units, 82 cluster lots with an average lot size of 14,949 square feet and 95 cluster lots with an average lot size of 3,081 square feet. The development would also have 1,107 parking spaces.
Founded in 1950, Pulte Homes has delivered more than 750,000 homes across 40 major cities in the United States.
Angelo Gordon is a real estate investing platform within alternative asset management firm TPG. The platform manages $76 billion across a range of credit and real estate strategies on behalf of pension funds, corporations, endowments, foundations, sovereign wealth funds and individuals, according to its website.
Earlier this month, TPG Angelo Gordon also purchased 169 single family home lots in association with home builder Toll Brothers for $34.3 million. The site consists of 46 acres at the southwest corner of Cook Street and Interstate 10 in Palm Desert. The land is part of University Park which is a larger master planned community offering a mix of single family homes, cluster homes and multifamily homes.
