IRVINE, CA--(Marketwired - May 28, 2013) - In one of the largest land deals made in the Inland Empire over the past several years, Forestar Land Partners II, LLC, a venture between Foremost Communities and a Starwood Capital Group Global, LP controlled affiliate, announced today that it has closed on an option to purchase the 890-acre Toscana master planned community located in Riverside County's Temescal Valley just south of the City of Corona. Toscana has been approved for 1,443 homes.
"Toscana represents an opportunity to control a large number of lots in a desirable submarket that we believe will see high demand from home buyers and merchant homebuilders," said Steve Cameron, president of Foremost, one of the most active land buyers in Southern California since its launch in 2007.
Toscana is located directly across the I-15 Freeway from the 1,700 lot Sycamore Creek community, which is also being developed by Starwood and Foremost.
"We look forward to continuing the success we have had at Sycamore Creek, where over the past ten years we have created a vibrant community with a new elementary school, regional sports park, community center and swim club, retail center, and the recently improved Indian Truck Trail freeway interchange," Cameron said. "The track record of successful development that we have in Riverside County and the City of Corona will help us deliver a high-quality community at Toscana."
The option to purchase Toscana allows Forestar time to amend the current site plan before closing on the first development phase in January 2015, followed by subsequent phase takedowns in February 2017 and January 2018.
Nestled in the Temescal Valley foothills, Toscana offers stunning views of the Cleveland National Forest. Forestar is working with Riverside County to modify the original development plans to reduce the development footprint and grading. Forestar's revised land plan will preserve more than half of Toscana as open space and provide a more even distribution of lot sizes to meet market demand from a wide spectrum of homebuyers. At completion Toscana will feature community amenities including parks, hiking trails, a large sports park, a pool and recreational facilities.
Located on Temescal Canyon Road approximately nine miles south of the Interstate-15 and State Route 91 interchange, Toscana is within short commuting distance to large employment centers throughout Riverside and San Bernardino Counties and lies within the sought-after Corona-Norco Unified School District.
About Foremost Communities, Inc.
Foremost Communities, Inc. is a premier residential land investment company based in Irvine, Calif., established to acquire property in strategic locations that can be entitled into finished lots for sale to merchant homebuilders. In addition, the firm partners with other land developers and will provide both equity and debt to recapitalize existing projects. Founded in 2007, Foremost now owns or manages approximately 5,200 residential lots in California and is actively pursuing new land acquisition opportunities throughout the state. For more information, visit www.foremostcommunities.com
About Starwood Capital Group Global, LP
Starwood Capital Group is a private, U.S.-based investment firm with a core focus on global real estate. Since the group's inception in 1991, the firm has raised nearly $19 billion of equity capital and, through its various funds, has invested $15 billion representing over $38 billion in assets. Starwood Capital Group currently has over $23 billion of assets under management. Starwood Capital Group maintains offices in Greenwich, Atlanta, San Francisco, Washington, D.C., Los Angeles and Chicago, and affiliated offices in London, Luxembourg, Paris and Sao Paulo. Starwood Capital Group has invested in nearly every class of real estate on a global basis, including office, retail, residential, senior housing, golf, hotels, resorts and industrial assets. Starwood Capital Group and its affiliates have successfully executed an investment strategy that includes building enterprises around core real estate portfolios in both the private and public markets. Additional information about Starwood Capital can be found at www.starwoodcapital.com.