The much troubled Rosedale community in Azusa has some new owners.
Christopher Development Group and Brookfield Homes Southland Group have partnered to take control of Rosedale Land Partners in a deal that closed escrow Tuesday afternoon, according to a statement.
Brookfield is the real new player in this deal and will assist Christopher Gibb’s company in completing the 517-acre community. Gibbs was originally part of Azusa Land Partners, the first joint venture that started the Rosedale project. At that time, Gibbs was with PLC Land Company.
Much of the community has been on hold for about two years because of the housing market collapse.
The original community project was opened in 2006 by Azusa Land Partners with 1,250 homes planned, 10 parks, a local school, fire station, and a recreation center.
Today much of the amenities aren’t finished or haven’t been started and only 125 homes are built and occupied.
In July, the Agres Group confirmed it had purchased a portion of the project and hoped to start building 96 news homes later this year.