Tricon Residential Inc., a Blackstone Real Estate portfolio company, broke ground on Tricon Corona, a new build-to-rent (BTR) community that will create 38 professionally managed single-family rental homes in the Inland Empire.
California faces a significant housing shortage of 2.5 million homes, driving up housing costs across the state. Single-family home prices in the state are more than double the national average and continue to climb, making it harder for families to find housing in well-resourced neighborhoods. Tricon Corona will help close this gap, delivering affordable rental options in great neighborhoods, with access to good schools, job centers, and essential community resources.
Located in Corona, California, Tricon Corona will offer 38 new single-family homes featuring one- and two-story home options, spacious three- and four-bedroom layouts, two-car garages and fully-fenced backyards, modern finishes and high-quality design, and walking distance to local elementary and middle schools.
“There’s a significant need for more housing across California, but supply constraints remain a key hurdle. 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,” said Andrew Carmody, Senior Managing Director at Tricon Residential.
Rob Harper, Head of Real Estate Asset Management Americas at Blackstone said, “Blackstone and Tricon remain committed to expanding housing supply and creating housing solutions that provide families with greater access to high-quality neighborhoods at lower costs. Tricon Corona is just one part of a larger effort to ensure more families can experience the benefits of single- family living, and we are thrilled by its progress.”
The project is being developed in partnership with Foremost Pacific Group and built by Woodbridge Pacific Group.
“We are proud to partner with Tricon on this much-needed community, which will expand rental housing opportunities for families in Corona,” said Andrew Murphy, Chief Investment Officer at Foremost Pacific Group. “Tricon Corona is thoughtfully designed to provide residents with high- quality homes in a great neighborhood, with the convenience of professional management and access to great local amenities.”
Tricon’s built-to-rent communities are designed to expand access to single-family living, offering an alternative for families who can afford to rent but are not in a position to buy. Research from Harvard economist Dr. Raj Chetty highlights the critical role neighborhoods play in shaping long- term success. Tricon’s BTR communities place residents in well-resourced areas, providing stability and opportunity without the upfront financial burden of homeownership.
As part of Tricon’s commitment to supporting its residents, Tricon Corona residents will have access to Tricon Vantage, a suite of resources designed to help them realize their financial goals and enhance their financial well-being.
These include:
- Free Credit Builder Program – Enables residents to build their credit history by reporting on-time rent payments to the three major credit bureaus.
- Resident Down Payment Assistance Program – Provides eligible residents with $5,000 toward a down payment on a home anywhere in the U.S.
- Financial Coaching and Literacy Programs – Offers residents financial education resources, including one-on-one coaching and workshops.
Tricon Residential is an owner, operator and developer of single-family rental homes in the U.S. and multi-family apartments in Canada. Our commitment to enriching the lives of our employees, residents and local communities underpins Tricon’s culture and business philosophy. We provide high-quality rental housing options for families across the United States and Canada through our technology-enabled operating platform and dedicated on-the-ground operating teams. Our development programs are also delivering thousands of new rental homes and apartments as part of our commitment to help solve the housing supply shortage. At Tricon, we imagine a world where housing unlocks life’s potential.
