More residential space could soon be coming to the Inland Empire, following the recent acquisition of a development site. According to Vizzda records, an entity tracing to TPG Angelo Gordon purchased more than 41 acres of land last month for $44.5 million. That entity purchased the development site as a land-banking partner on behalf of Lennar Homes. The seller entity is affiliated with Lewis Group of Companies and Hillwood Development Company.
The site is situated at the southwest corner of Ayala Drive and Interstate 210 and is planned for 429 condominium units.
Lennar was founded in 1954 in Miami, Florida. The firm builds in 19 states and more than 44 markets across the country, according to its LinkedIn page.
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.
The firm has recently been involved in other transactions throughout the Inland Empire.
The Registry previously reported that an entity affiliated with TPG Angelo Gordon purchased 169 single family home lots in association with home builder Toll Brothers as well. The assemblage of lots was sold by an entity linked to Robert Randanovich for $34.3 million. The 46-acre site is situated at the southwest corner of Cook Street and Interstate 10 and is part of University Park which is a larger master planned community offering a mix of single family homes, cluster homes and multifamily homes.
