Citron, formerly known as Harrington Village, is a planned 148-unit for-sale Town Home project located in Corona, California west of the I-15 freeway. Its infill location is 1 mile from the 91 freeway, a major east-west commuter not more than 10 miles from Anaheim.
The site totals 8.5 acres and is presently entitled for 194 multifamily rental units. The partnership is processing a 148-unit tentative subdivision map with the City of Corona and expects to have final plans ready to submit for approval by January 2016.
Ownership purchased the property in 2013, and processed the existing plans while waiting for market conditions to improve.
Construction started January 2016, and models will be open to commence sales in June 2017. The 2 and 3 bedroom finished product sales begin at $350,000 and move up to $385,000.
LCIP, with its Capital Partner, determined that the trends were pointing towards a for-sale versus a rental project execution. The partners plan a Mello Roos bond to optimize project revenues, yet also remain competitive to the local marketplace. The low priced points fit the FHA mortgage limits, which is a huge competitive advantage.