TPG Angelo Gordon buys 41 acres in Rialto for condo project
Land-banking deal involves acreage for 429 units to be built by Lennar
TPG Angelo Gordon has bought 41.3 acres in Rialto for the construction of 429 condominiums.
The newly acquired New York-based unit of TPG purchased the land for the development of the attached and detached condos at Ayala Drive and the 210 Freeway, the Commercial Observer reported.
The sellers were Upland-based Lewis Group of Companies and Dallas-based Hillwood Development.
The land is “organized” for the development of 429 condominiums, dubbed Renaissance Liberty, according to Vizzda.
TPG Angelo Gordon bought the property as a land-banking partner on behalf of Miami-based Lennar Homes, which holds an option on the property, according to the Observer.
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.
There’s no record of a current condominium project in that area of Rialto, according to the city’s website.
Last month, TPG Angelo Gordon and Pennsylvania-based Toll Brothers bought more than 46 acres in Palm Desert for $34.3 million. The land, part of University Park, has 169 single-family lots.
In November, Fort Worth-based private equity firm TPG completed its acquisition of New York-based Angelo Gordon for $2.7 billion. The company, renamed TPG Angelo Gordon, has $76 billion in credit and real estate assets under management.
— Dana Bartholomew