The Hoffman Company recently completed the sale of a 482-unit apartment complex on about 18 acres that is a part of the larger 35-acre “The Exchange” mixed-use development. The vendor, AFG Development LLC, is developing it.
- The Hoffman Company recently brokered the sale of a 482-unit residential development on approximately 18 acres.
- This 482 Unit apartment project is a multifamily apartment project, and there’s a shortage of multifamily homes in CA.
35-acre mixed-use development: The Exchange
- The larger project is a 35-acre mixed-use development with 400+ apartments, a hotel that has been suggested, RV parking, a petrol station, and a potential pad for offices and hotels.
- The historic Mission Inn Hotel & Spa, the Convention Center, and the Fox Performing Arts Center are all around the site.
- It is located less than 2 miles from UC Riverside, which has +/-19,788 students, and within a mile of Downtown Riverside.
In Riverside, California, close to the intersection of CA-60 and I-215, the Jefferson Exchange multifamily project will be finished by the buyer, JPI. At the same time, AFG will continue with the commercial development that will eventually include 44,500 square feet of retail space. The Exchange is currently being built, and its first apartment units are anticipated to be available in January 2025.
“We’re enthusiastic about being building adjacent to the Inland Empire’s forward-thinking “Innovation District,” said Rick North, senior development manager for JPI.
A Multifamily Property Project
Public transportation, medical facilities, schools of higher education, tech companies, historic citrus packing houses, and more are all located in this neighborhood. It is a dynamic, fascinating location that is still developing.
Jefferson Exchange will feature 21 three-story garden walk-up buildings with a total of 482 one- to three-bedroom apartments, of which 12 are live-work units, ranging from 710 to 1,297 square feet at 3461 La Cadena Drive, just one mile from downtown Riverside.
The units will include luxury vinyl flooring, quartz worktops, tile backsplashes, private patios or balconies, and stainless steel appliances such as a stove, refrigerator, dishwasher, and full-size washing and dryer. They will also have smart-enabled heating and air conditioning.
Two 24-hour fitness centers, a dog park, two heated swimming pools, co-working space, walking routes, fire pits, covered lounging places, barbecues, dining courtyards, bike repair, and storage are just a few amenities available.
Two clubhouses with TVs, games, kitchens, and outdoor space will be available.
Jim Guthrie, representing AFG in the deal, anticipates realizing JPI’s lifestyle goal. “Future residents will swarm to dwell at Jefferson Exchange in Riverside as it is the leading market for new apartment development. When finished, it will be a terrific place to live, work, and play in Southern California.”
The Hoffman Company’s Justin Woodworth and Bryant Brislin, along with equity partners Comerica, UDR, and Sumitomo, arranged the deal. JPI California Construction, LLC is the general contractor, and Arris Studio Architects is the architect.
Note: According to the commercial real estate firm CBRE, the North American big-box industrial market is predicted to have another solid year in 2022, Startepire Wire reported about the CBRE report in March this year.
With California’s ongoing multifamily housing shortage in mind, this building is a welcome addition to the area. It revitalizes what was once a vacant lot.