Tricon Residential Expands California Housing with New Built-to-Rent Community in Corona

New rental community will offer families high-quality professionally managed single-family rental homes at affordable prices, increasing housing supply in a high-demand market

Tricon Residential Inc., a major player in the residential rental market and a Blackstone Real Estate portfolio company, has announced the groundbreaking of Tricon Corona, a new built-to-rent (BTR) community. This development will introduce 38 professionally managed single-family rental homes to the Inland Empire, a region grappling with escalating housing costs and limited supply.

Addressing California’s Housing Shortage

California’s housing market has been plagued by a persistent shortage, driving home prices to unprecedented levels. Tricon Corona is a direct response to this crisis, aiming to provide more affordable housing options in a sought-after location. The community offers convenient access to schools, employment centers, and essential community resources.

Community Features and Design

Situated in Corona, California, Tricon Corona will comprise 38 new single-family homes with a mix of one- and two-story options. The homes will feature spacious three- and four-bedroom layouts, two-car garages, fully-fenced backyards, and modern finishes. High-quality design and construction are hallmarks of the project. The community’s location within walking distance of local elementary and middle schools adds to its appeal for families.

Expanding Housing Access and Affordability

Andrew Carmody, Senior Managing Director at Tricon Residential, emphasized the company’s commitment to addressing the housing shortage. “California desperately needs more housing, but supply constraints are a major obstacle. Tricon is proud to build and develop more homes that allow families to live in communities with high-quality schools, easily accessible employment opportunities, and local amenities, all at prices well below the cost of ownership,” he stated.

Partnerships and Resident Support

The Tricon Corona project is being developed in partnership with Foremost Pacific Group and constructed by Woodbridge Pacific Group, both experienced and reputable firms in the real estate development and construction sectors.

Tricon’s built-to-rent communities are designed to expand access to single-family living, offering an alternative for families who may not be able to afford homeownership but still desire the benefits of a single-family home. Residents of Tricon Corona will also have access to Tricon Vantage, a suite of resources designed to promote financial well-being and goal attainment. This program reflects Tricon’s commitment to supporting its residents beyond just providing housing.

Long-Term Vision

Tricon Residential’s investment in built-to-rent communities like Tricon Corona represents a long-term vision for addressing housing affordability and accessibility challenges. By expanding the rental housing stock and offering high-quality, professionally managed homes in desirable locations, Tricon is contributing to a more balanced and sustainable housing market in California.