The Hoffman Company, recently brokered the sale of a 482-unit apartment project on approximately 18 acres, part of a larger 35-acre mixed-use development called The Exchange being developed by the seller, AFG Development LLC. Located near the intersection of CA-60 and I-215 in Riverside, Calif., the buyer, JPI, will complete construction on the multifamily project, Jefferson Exchange, while AFG will continue the commercial development with 44,500 square feet of future retail use. The Exchange is currently under construction with its first apartment units available estimated for January 2025.
“We’re enthusiastic to be building adjacent to the Inland Empire’s forward-thinking “Innovation District,” said Rick North, senior development manager for JPI. “This area is home to public transport, hospitals, higher education campuses, tech businesses, vintage citrus packing houses and more. It’s a diverse and exciting location that is continuing to develop.”
“The sale of The Exchange apartments to a blue-chip developer like JPI is another example of the acute multifamily demand for new projects in the Inland Empire. And, that demand has not yet abated,” said Justin Woodworth co-broker and managing director of multifamily markets for The Hoffman Company, whom along with Bryant Brislin represented the seller.
Located at within one mile of downtown Riverside at 3461 La Cadena Drive, Jefferson Exchange will offer 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.
Units will feature smart Wi-Fi enabled heating and air conditioning, luxury vinyl flooring, quartz countertops, full height tile backsplashes, private patios/balconies along with stainless steel appliances including an electric stove, refrigerator, dishwasher and a full-size washer and dryer.
Residents will enjoy such modern amenities as two 24-hour fitness centers, a dog park, two heated pools, co-working space, walking paths, fire pits, covered seating areas, barbecues, various outdoor dining courtyards, bike repair and storage. There will be two clubhouses with TVs, games, kitchens and adjacent outdoor space.
Jim Guthrie representing AFG in the sale is looking forward to seeing JPI’s lifestyle vision completed. “This area is the top market for new apartment development, and future residents will flock to live at Jefferson Exchange in Riverside. When completed, it will be a fantastic SoCal spot to live, work and play,” he continued.
The transaction was brokered by both Justin Woodworth and Bryant Brislin with The Hoffman Company, and equity partners are Comerica, UDR and Sumitomo. General contractor is JPI California Construction, LLC and architect is Arris Studio Architects.