Tricon Opens New Build-to-Rent Community in Riverside's Inland Empire

The 180-home Tricon Winchester project adds to the company's growing single-family rental portfolio across California.

Mar. 31, 2026 at 10:22pm

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Tricon, a Blackstone Real Estate portfolio company, has opened a new 180-home build-to-rent community called Tricon Winchester in Riverside County's Inland Empire region. The project, developed in partnership with Foremost Pacific Group, aims to provide more affordable single-family rental options in an area where the cost of homeownership is significantly higher than renting.

Why it matters

The Tricon Winchester opening highlights the continued institutional focus on scaled single-family rental platforms, as well as the growing demand for family-oriented rental housing in markets like the Inland Empire where home prices have outpaced many residents' ability to purchase.

The details

Tricon Winchester was developed on previously vacant land and adds to Tricon's broader build-to-rent rollout across California, with the company now having launched eight such communities in the state. Tricon positions its build-to-rent offering as a way to bridge the affordability gap between owning and renting in the Inland Empire, where the monthly cost of homeownership can be roughly 40% higher than renting a comparable home.

  • Tricon held the grand opening of Tricon Winchester in March 2026.
  • Tricon reports investing in a national pipeline of approximately 5,500 single-family rental homes that are either already delivered or currently under development.

The players

Tricon

A portfolio company of Blackstone Real Estate that is focused on developing and operating build-to-rent communities across the United States.

Foremost Pacific Group

Tricon's development partner for the Tricon Winchester project in Riverside County.

Andrew Carmody

Senior managing director at Tricon, who commented on the affordability gap between owning and renting in the Inland Empire.

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What they’re saying

“In the Inland Empire, the monthly cost of owning a home can be roughly 40% higher than renting a comparable home.”

— Andrew Carmody, Senior Managing Director, Tricon

What’s next

Tricon plans to continue expanding its build-to-rent portfolio across California and other key markets in the United States.

The takeaway

The Tricon Winchester project demonstrates how institutional investors are leveraging build-to-rent strategies to provide more affordable single-family rental options in high-cost housing markets, meeting the growing demand for family-oriented rental living.