Tricon to develop 276-acre master planned community in Southern California
Tricon Capital Group has closed a USD142.5 million investment to support the acquisition of a fully entitled, large scale, infill residential master planned community located in Corona, California.
One of Tricon's institutional partners has allocated USD96.75 million as a side-car investment with an additional USD35.0 million and USD10.75 million allocated by US fund Tricon XI and Tricon, respectively.
The developer of the project will be The New Home Company, an Orange County based land developer and homebuilder in which the fund holds an 11.6 per cent common share position.
"The closing of this transaction is further evidence of the confidence that institutional investors are showing in Tricon's time-tested US residential investment strategy," says David Berman, Tricon's chairman and chief executive officer. "We appreciate the opportunity to deepen our relationship with The New Home Company in the development of what we believe to be one of the best available major development sites in Southern California."
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