Brookfield Residential Properties Inc. has purchased a 12.1-acre site in Arcadia for $58.5 million. It is a subsidiary of Brookfield Corp., one of the largest office owners in downtown Los Angeles.

The property, located at 4241 E. Live Oak Ave., was once a mobile home park and has been vacant since 2016. The sale of the majority of the property closed at the end of May for $45 million, while the remainder will close within the next four years for an additional $13.5 million. 

Brookfield Residential’s project website indicated the property would be developed into a gated community of 277 townhomes, with a total of 623 parking stalls. Each home will have two garage spaces, be equipped with solar systems and will include smart-home technology. The private community was named Santa Anita Village during the entitlement process, which was also the name of the mobile home park, but Brookfield’s project plan said it would now be marketed as Magnolia.

The seller, Prime Enterprises LLC., was represented by real estate attorney and developer Tom Nguyen of eXp Commerical. eXp said that other interested buyers included a mix of regional and national home builders, though Nguyen was unable to disclose the names of the other interested parties.

“It will be one of the largest residential developments to hit the San Gabriel Valley in some time and will provide a much-needed source of high-quality, newly constructed homes for the area,” Nguyen said.

The site had been proposed for development for several years. In 2012, the Los Angeles County Board of Supervisors approved 318 residential homes at the site with a subterranean parking structure, the latter of which has been removed from Brookfield’s project plan. In 2019, a proposed tract map approved 303 residential units. Brookfield said the reduction of the home count to 277 was made to “meet current market demands and fit with the surrounding community.” It declined to comment on when construction would begin.