Kingsbarn Realty Capital Secures Entitlements for 145-Unit Cypress Grove Residential Community in Tustin, California

Kingsbarn Capital & Development, a subsidiary of Kingsbarn Realty Capital, announced April 14 that the City of Tustin has approved entitlements for Cypress Grove, a 145-unit for-sale residential community planned on the site of an underutilized office complex in Tustin, California. The approval marks a key milestone for the project as the firm advances toward construction and delivery of homeownership opportunities in the region.

Project Overview: Residential Development on Former Office Site

Cypress Grove will comprise 145 market-rate homes, including 62 three-story single-family detached homes and 83 three-story townhomes. The single-family homes will feature Farmhouse, Craftsman, and Abstract Traditional architectural styles, while the townhomes will be built in a Spanish architectural style. The community is designed to serve first-time homebuyers and first-time move-up buyers, with pricing expected to be positioned at market-rate levels.

The project will include more than 46,000 square feet of open park space, anchored by a one-quarter-acre central recreational park, as well as approximately 41,000 square feet of landscaped paseos, courtyards, and pedestrian-oriented open space. The design emphasizes walkability and neighborhood character.

"Cypress Grove will be a high-quality neighborhood with a mix of home types, community green spaces, and energy-efficient features that support long-term livability," said John Stack, Vice President and Development Manager at Kingsbarn Capital & Development. "Today's approval reflects the City of Tustin's thoughtful approach to enabling housing that aligns with local needs while delivering meaningful community benefits."

Office-to-Residential Conversion Supports Tustin's Strategic Plan

The Cypress Grove development redevelops an underutilized office complex into a walkable residential community. The project aligns with the City of Tustin's Strategic Plan for Economic and Neighborhood Development, which aims to maintain a balanced land use pattern accommodating housing, commercial and industrial uses, open space, and community facilities.

The City of Tustin is expected to receive approximately eight times more property tax revenue from the proposed residential development than from the site's current office use, according to Kingsbarn. The additional revenue is projected to support the city's General Fund, funding public safety, parks, street improvements, and other community amenities.

Construction Timeline

Construction on Cypress Grove is currently anticipated to begin in summer 2026, following the entitlement approval. No transaction price or financing terms were disclosed in connection with the development of the site.

Kingsbarn Realty Capital: Firm Background and Development Pipeline

Kingsbarn Realty Capital, the parent company of Kingsbarn Capital & Development, manages more than $2.7 billion in assets under management and has acquired more than 325 properties across the United States. The firm offers investments in private equity, exchange-traded funds, traditional investment funds, private capital, managed accounts, and Delaware Statutory Trusts.

Kingsbarn currently maintains a development pipeline of more than $2 billion spanning multifamily, student housing, medical, industrial, retail, and hospitality properties. The firm's management team has experience across stabilized income-driven properties, ground-up construction, value-add offerings, opportunity zone investments, and entitlement projects.

Sources

Kingsbarn Realty Capital Press Release – City of Tustin Approves Entitlements for Cypress Grove (April 14, 2026)