Updated Oct 15, 2026
Josh Baumgarten And Stuart Miller Acquire 41-Acre Development Site In Rialto For $44.5M
$44,500,000
Building Size
—
Asset Type
Development Site
Closing
Jan 22, 2024
About this deal
AI
A 41-acre development site in Rialto, California, has been acquired by TPG Angelo Gordon, acting for Lennar Homes, for $44.5 million. The property, located at Ayala Drive and Interstate 210, will be the site of a planned project that includes 429 condominium units.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $44,500,000
- Market: Rialto
- Buyer: Josh Baumgarten - TPG Angelo Gordon; Stuart Miller - Lennar Homes
- Seller: Richard Lewis - Lewis Group of Companies; Ross Perot Jr. - Hillwood Development Company
- Acres: 41
The acquisition was made by Josh Baumgarten from TPG Angelo Gordon and Stuart Miller from Lennar Homes. Richard Lewis, from the Lewis Group of Companies, and Ross Perot Jr., from Hillwood Development Company, acted as the sellers in the transaction.
Players
Market Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.36%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93