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.

The Hoffman Company, a leader in the land brokerage industry based in Irvine, recently closed the sale of a 26-acre parcel of land envisioned for a new build-to-rent townhome community in Southwest Riverside County.

Developer Sancerra Communities, located in Newport Beach, Calif., and its partner, STG Capital Partners, plan to build a neighborhood of 163 townhomes nestled near the foothills of the Temescal Mountains. Located at the intersection of Palomar Street and Jefferson Avenue in the City of Wildomar, construction is scheduled to begin in the fourth quarter of 2022 with the first homes available for lease beginning in the second quarter of 2024. 

“The Southwest Riverside County/Temecula submarket is extremely attractive from an investment standpoint. With year-over-year rent growth approaching 20%, vacancy rates hovering near 3% and one of the fastest-growing populations in the Inland Empire, the submarket has outperformed most markets across the country since the start of the pandemic,” said Marcus Cook, Managing Partner of Sancerra Communities. “We are particularly bullish on build-for-rent communities in supply-constrained markets like California.”

Build-for-rent communities – single-family homes built specifically as professionally managed rental communities – are a relatively recent trend in response to demographic shifts and the evolution of customer preferences. However, the high price tag of scarce land combined with a difficult entitlement process and arduous fees in California have proved challenging for developers.

“There is plenty of new investor demand for build-for-rent opportunities in California, but opportunities are scarce. The build-for-rent model has traditionally worked best where land is plentiful and cheap, and development costs are low,” said Justin Woodworth, Managing Director of Multifamily Markets for The Hoffman Company, who brokered the transaction. “There aren’t many developers like Sancerra that have figured out how to make it work in California.”

Sancerra appears to have found the right recipe for build-for-rent in California. With four similar projects already in the works in other markets across California and an appetite for continued growth, Sancerra has plans to invest an additional $500 million on similar properties over the next five years.

“California’s development process is overly complex and burdensome relative to most other parts of the country, and as a result, the state builds far fewer homes than are needed each year. Sancerra was formed to address the state’s housing shortage, and we are thankful for the opportunity to work with the City of Wildomar to bring this new housing alternative to its community,” said Cook. 

This new community will offer three modern floorplans ranging from 1,417 to 1,698 square feet. Plan One features a dual master bedroom configuration with 2.5 baths and plans Two and Three will have three bedrooms and 2.5 baths. All homes will have a spacious walk-in closet in the master bedrooms, an attached two-car garage and a convenient upstairs laundry room with space for a full-size, side-by-side washer and dryer.

Community amenities are similarly designed to appeal to young and maturing families and include a pool, spa, cabanas, BBQ grills, dog park, tot lot and sports courts.

The City of Wildomar is centrally located along the I-15 transportation corridor, just 10 miles north of the City of Temecula and within an easy commute to the Riverside/Corona job centers to the north and the Carlsbad/Escondido job centers to the south.

Property Entitled for Redevelopment into 190-unit Residential and Multifamily Community

A prime parcel of 11 acres strategically positioned between San Francisco and Silicon Valley has been purchased by Pulte Homes for redevelopment into a residential neighborhood of 190 homes, according to Cameron Fowler of The Hoffman Company, who brokered the transaction. Public records list the price at $106 million.

The property, formerly an under-utilized office complex known as Waters Technology Park, was built in 1979. The site is fully entitled under San Mateo's general plan to encompass four neighborhoods featuring a mix of two-story detached single-family homes, as well as three-story townhomes, four-story rowhomes and condo-flats.

“This is easily the largest real estate deal of the year for new residential for-sale product in the supply constrained market of the San Francisco Peninsula,” Fowler said. “The developer and seller, Strada Investment Group, did a fantastic job creating a project that offers a wide selection of housing types curated to create a unique sense of place throughout the community.”

The new home community will be named One 90 and will feature Life Tested® floor plans, smart home features, modern architecture and energy-efficient construction. Common amenities will include a playground, lawn open space, communal grills, dining tables and a garden.

The property is centered on Borel Creek and neighbors the Lakeshore community at the nexus of the Bayshore Freeway and the San Mateo Bridge. To enhance the surrounding area, the project will include a new section of trail along the creek lined with hardscape, seating and native plants that will culminate at a new dog park.

Last year the project was recognized as one of the best site plans nationwide by industry experts who were looking for creative solutions to tight lots and creating a sense of community.

The sale is the culmination of three years of entitlement and development work by Strada, a San Francisco-based real estate investment group that saw a 50-year-old office park encircled by single family homes and knew it was the perfect site for residential conversion.

“When Strada goes into a project, obviously the economics matter, but we also believe it should be good for the existing community and based on sound public policy,” said Nik Krukowski, managing director at Strada, who handles development investments.

“This deal just ticked all the boxes – a chance to tackle the local housing deficit and provide new affordable housing and public open space, all while respecting the city’s blueprint for smart growth,” he said.

The location provides convenient access to transit and job markets with major employers including Sony, Oracle, Gilead, Electric Arts and GoPro in San Mateo, as well as other major tech firms in the surrounding valley.

The Hoffman Company, a land brokerage firm now in its fifth decade with operations in both California and Nevada, announced today the expansion of its services into the multifamily sector. Patrick S. Simons, a 25-year veteran in multifamily development, has joined the firm to lead this growth as senior vice president and managing director of multifamily markets.

“Although The Hoffman Company has occasionally assisted multifamily clients over the years, our core business has always been single family lots for homebuilders. We believe our firm has much to offer multifamily clients as well and are excited to have Patrick here to lead that effort,” said company president and co-owner Norm Scheel.

Among the services Simons will offer clients is targeted land acquisition tailored to the specific needs of multifamily clients as well as strategic disposition for owners of sites that either are or can be entitled for multifamily use

“Patrick’s experience in overseeing the development or redevelopment of approximately 12,000 units over his career makes him an invaluable resource for all of our clients,” said company co-owner Tom Dallape.

Simons added, “In addition to our first-rate brokerage services, I will be working on our Value-Max^SM service aimed at property owners who do not have multifamily expertise in-house. We can assist with design and entitlement strategy, working with the owner’s consultants to maximize the value of a property before offering it for sale.”

With the Value-Max service, Simons will oversee architectural, engineering and entitlement consultants for a property owner as well as representing the owner in city meetings.

“Based on my experience over many years, property owners can boost the value of their property by as much as 15 to 25% and increase the certainty of closing a sale if the property is entitled for the highest and best use – which in many cases is multifamily use in our market,” Simons said.

Simons has held executive positions with both publicly traded and privately held apartment investment and development companies and founded an international consulting practice advising both large institutional and small private clients on multifamily assets.

Simons may be reached at (949) 933-9405 or This email address is being protected from spambots. You need JavaScript enabled to view it..

Community of 83 Townhomes to Offer Affordable Housing Options Expected to Start in the Low $300,000s

The Hoffman Company, a leader in the land brokerage industry, has successfully closed the purchase of Meadowlark, a fully entitled residential community that will feature 83 townhomes in southwestern Riverside County at affordable prices expected to start in the low $300,000s. The buyer is D.R. Horton and the seller is American Property Enterprises and Western Residential Opportunity Fund, LLC. The deal was brokered by Justin Esayian, senior vice president with The Hoffman Company.

“The significance of this new community is that it speaks directly to the need for housing affordability in the Inland Empire,” said Esayian, who represented both sides on the sale. “D.R. Horton saw this unique chance to provide entry-level housing options within an area of Murrieta that is dramatically changing. Given the chronic nature of affordable housing, it’s encouraging to see a builder creating homes for young or first-time buyers at a reasonable price. The location is right, too, with new retail amenities being built in the immediate area, strong schools and convenient access to jobs in one of the fastest-growing cities in the state.”  

The project envisions attached, two-story townhomes expected to range from 1,132 square feet to 1,584 square feet with two to four bedrooms. The price point will be well within the Federal Housing Administration’s new $431,250 loan limit for Riverside County, which can help borrowers who are unable to make large down payments.

The vacant 5.7-acre site was previously approved for 35 small detached homes in 2005 but has since been rezoned by the city to increase density to 83 units and offer homes at lower prices. The community is expected to be open for sale by early 2020.

Largely residential in character, Murrieta is home to many residents commuting throughout the Inland Empire, to San Diego, Orange and Los Angeles counties, as well as nearby Temecula. The location provides easy access to I-215 Freeway from Clinton Keith Road. The Murrieta Valley Unified School District's three high schools were rated among the top 10 percent in nation in the annual U.S. News rankings released recently.

Meadowlark is part of a larger story about how the opening of the new Clinton Keith Road extension project is transforming North Murrieta and improving accessibility throughout Southwest Riverside County. Opened earlier this year, the six-lane roadway connects Interstates 15, 215 and State Route 79, proving a new east-west route that had been under construction for several years.

The improvements will support the planned development of The Vineyard, a regional shopping center just south of the Meadowlark planned community that will include a Costco, as well as new residential, office and medical facilities such as a new Kaiser Permanente campus and the Loma Linda Hospital. In addition, Meadowlark will offer residents access to convenient nearby retail amenities such as a Super Target, Tractor Supply Co. and CVS Pharmacy.

“Homebuyers will have this incredible chance at Meadowlark to move into brand new, affordably priced homes that provide convenient access to many new retail and medical amenities,” Esayian said. “This entire corridor is dramatically transforming.”

According to the National Association of Home Builders’ formula to determine the local impact of single-family housing in typical metro areas, adding 83 homes will generate approximately $23 million in local income, $2.9 million in taxes and other revenue for the City of Murrieta and 315 local jobs.