Tricon JV Opens Inland Empire BTR Community
The developer financed the project with a loan from Flagstar Bank.
(Left to right) Tricon Vice President Joshua Welty, Wildomar Mayor Joseph Morabito, Woodbridge COO Jon Robertson, Councilmember Bridgette Moore. Image courtesy of Tricon Residental
A joint venture of Tricon Residential, Foremost Pacific Group and Woodbridge Pacific Group has opened Tricon Wildomar, a 170-unit, built-to-rent community in Wildomar, Calif. Yardi Matrix data shows that the property was built using a $38 million construction loan from Flagstar Bank, originated in 2022.
Foremost Pacific was the project’s developer and Woodbridge Pacific acted as the contractor. Tricon Residential will serve as community manager.
Spanning 9 acres, Tricon Wildomar comprises one-, two- and three-bedroom floorplans ranging from 973 to 1,458 square feet. Homes feature in-unit washers and dryers, solar power, ceiling fans and smart home packages, along with one or two-car garages and rentable EV charging stations. Common-area amenities include a swimming pool, spa, dog park, fitness center and a clubhouse with event space that can be used for a fee.
Located at 24808 Prielipp Road, Tricon Wildomar is off Interstate 15, some 77 miles from Los Angeles and 67 miles north of San Diego. The property is also near Southwest Healthcare Inland Valley Hospital and less than 2 miles from the Bear Creek Village Center shopping mall.
In August, asking rates for single-family rentals in the U.S. dropped $6 nationally to $2,104, according to a recent Yardi Matrix report. The market’s softening is concentrated in the Lifestyle segment, which registered negative rent growth—down 0.4 percent year-over-year through August—and declining occupancy rates. Meanwhile, the RBN sector saw a 2.9 percent increase in both rents and occupancy, the same source shows.
