Starwood, a private real estate investment firm, says it bought the land through Starfield Sycamore Investors LLC, which is a joint venture of Starwood Global Opportunity Fund VI and a subsidiary of Newport Beach-based Fieldstone. Terms of the deal, which is one of the largest land sales in Riverside County this year, were not disclosed.

Michael Vairin, general manager of the project for Fieldstone, tells GlobeSt.com that the land is entitled for more than 1,500 single-family homes and two commercial sites, one of 2.5 acres and one of just under 12 acres. The developers have not determined the specific type of commercial projects that will be developed on those two sites, but grading will most likely begin late next year on the smaller of the two, with the larger one to be developed later, Vairin says.

The property lies along the I-15 Freeway, just south of its intersection with the 91 Freeway, adjacent to the Cleveland National Forest to its west. Vairin tells GlobeSt.com that the property is in unincorporated Riverside County and within the City of Corona sphere of influence. It is about 32 miles from North Orange County and about an hour's drive from downtown Los Angeles.

Vairin tells GlobeSt.com that Fieldstone, which has built more than 500 homes in Corona, expects to begin grading within 30 days on the residential portion of the master-planned project. Besides the homes and commercial sites, Sycamore Creek will include a new community park, a neighborhood parks, a swim center, extensive landscaping, and a new elementary school.

Fieldstone, which maintains regional offices in San Diego and Salt Lake City, Utah, has built more than 17,000 homes since 1981.