In 1999, The Picerne Group purchased one of most ideal development sites in Ontario, CA at a price that was below market. In the last real estate cycle a handful of merchant builders built a number of projects nearby at land prices significantly higher than The Picerne Group’s basis. Since the downturn, there has been minimal multi-family development in the area. Recently, rents and occupancy levels have rebounded, and the apartment market has made a strong comeback with demonstrated demand for luxury product. The surrounding infrastructure has also significantly improved since The Picerne Group’s land acquisition. In addition to Citizens Bank Arena, which regularly hosts sporting and concert events and seats approximately 11,000, thousands of feet of retail space have been developed in the area.