Forestar Land Partners, a venture between the owners of Foremost Communities and an affiliate of Starwood Capital Group Global, LP, announced it has acquired a 300-acre parcel of entitled land at the western edge of Corona at a public auction.
The 249 single-family lots will be developed as Sierra Bella, a gated community with terraced home sites featuring spectacular views across the Inland Empire to the San Bernardino Mountains 20 miles away.
“We’ve been keeping our eyes on this property for more than 10 years,” said Steve Cameron, president of Foremost Communities. “We invested a lot of time and resources to complete our due diligence on the property in advance of the trustee’s sale.”
The property is nestled in the foothills south of Highway 91 between Green River Road and Serfas Club Drive; it was owned by a local developer who obtained approvals for the property before the real estate market collapsed. The property was tied up for years as the developer’s original lender was taken over by the FDIC and eventually sold to California Bank and Trust. The property was put into bankruptcy early in 2011, which prevented the lender from foreclosing. When the bankruptcy was cleared just days before Christmas, Forestar was poised to make the acquisition.
“As the last remaining entitled residential master planned community in Corona, the project was one of the most sought-after projects in the Inland Empire,” said Cameron. “It was well worth the wait.”
Sierra Bella has convenient access to the 91 freeway and is within easy commuting distance to Orange County and Los Angeles.
Founded in 2007, Forestar now owns or manages more than 2,200 residential lots in California and is actively pursuing new land acquisition opportunities throughout the state.
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