MURRIETA, Calif.--(BUSINESS WIRE)--The Hoffman Company is pleased to announce the $38 million sale of 31.7 acres of vacant land in Murrieta, California, to JPI, one of the nation's largest multifamily developers. The 852-unit, four-story apartment community is poised to transform the local housing landscape and meet the growing demand for quality living spaces in the downtown corridor. Ground-breaking on this fully entitled property is estimated for late 2024 or early 2025.
“JPI’s acquisition is another large and impressive example of the interest and commitment from nationally ranked developers in SW Riverside County,” said Justin Woodworth, who brokered the deal on behalf of The Hoffman Company, a land brokerage firm based in Irvine, Calif. “The fundamentals in Murrieta indicate multifamily investment returns in this market should outperform others in the region.”
“Over the past year, Murrieta's rental market has displayed remarkable resilience and stability,” he said. “This stands out amid declining rents in major US markets, underscoring the persistent demand for new rental housing in this area."
The project received unanimous approval from the City of Murrieta Planning Commission in July, demonstrating compliance with local regulations and alignment with the community's vision for sustainable growth.
“There is significant opportunity in Murrieta, and we’re thrilled to bring much-needed housing to this growing market,” said Sunti Kumjim, Senior Vice President and Regional Development Partner for JPI. “It’s always our goal to be intentional with the communities we build and ensure they enhance the surrounding neighborhood and community.”
Located at the intersection of Jefferson Avenue and Murrieta Hot Springs Road in Murrieta, California, the yet-to-be-named community boasts a prime location in the downtown urban core.
The 852-unit development is a two-phase project designed to offer a contemporary 4-story layout, providing a diverse mix of housing options to cater to various needs. The unit composition includes 329 one-bedroom units, 485 two-bedroom units, and 38 three-bedroom units, ensuring a wide range of living choices.
The project's architectural design crafted by Architecture Design Collaborative encompasses three distinctive styles – Contemporary, Modern Agrarian, and Irving Gill. This diversity in design ensures that the apartment community will be a visually appealing and harmonious addition to the Murrieta landscape.
Mark Esbensen and Scott Forest of WestMar Commercial Real Estate of Temecula co-brokered the sale.