IE Business Daily Business news for the Inland Empire.
A homebuilder and a real estate investment company will buy a large number of high-end residential lots in Corona.
The New Home Co. in Aliso Viejo and Tricon Capital Group Inc. in Toronto will purchase Arantine Hills, a 276-acre master-planned community site in Corona, both companies announced today in a statement.
New Home and Tricon Capital will pay approximately $74 million for the site, which must be re-planned and re-entitled. Eventually, more than 1,300 single-family homes will be built on the property in the south part of the city.
The sale is expected to be completed in December.
Both companies plan to improve the parcels and sell them to homebuilders. New Home is expected to buy up to 30 percent of the lots, and Tricon has retained rights to buy some improved lots and engage in fee building arrangements on them, according to the statement.
The improved parcels are expected to go on sale in 2016. The name of the seller was not released.
“We are thrilled to join with Tricon to bring the Arantine Hills Community to Corona, California,” Larry Webb, New Home Co.’s chief executive officer, in a statement. “This Southern California market is an important area of growth for us, and we will leverage the expertise and strong reputation of our combined companies to meet the growing demand for high-quality homes in the region.”
