A joint venture between Tricon Residential, Foremost Pacific Group and Woodbridge Pacific Group Cos. has broken ground on Bacara, a 170-unit townhome project in Wildomar, Calif. The single-family rental community is expected to deliver in late 2022.
The development will have one- to three-bedroom floorplans. Townhomes will feature solar power, attached one- or two-car garages, patios and keyless front door entry. Community amenities include a pool, spa, gym, community center and dog park.
Located at 24808 Prielipp Road, the Inland Empire community is close to Interstates 15 and 215, offering access to both San Diego and greater Los Angeles. Rancho Springs Medical Center is some 5 miles southeast of the community, while a CVS store and Glen Arbor Park are less than a mile in the same direction. Life Storage Wildomar is less than a mile north, while several quick-service restaurants are available within 2 miles of the community.
Focused on single-family rentals
Tricon will operate Bacara upon completion, while the project developer is Foremost Pacific Group and the contractor is Woodbridge Pacific Group Cos.
This summer, Tricon formed another partnership, this time in the South. The $5 billion joint venture includes the Teacher Retirement System of Texas and Pacific Life Insurance Co., as well as an existing Tricon global investor. This joint venture plans to acquire more than 18,000 single-family rental homes in the Sun Belt.