JPI Buys 25 Acres in SoCal for 852-Unit Complex Development
Texas-based firm paid $38 million for the land with $23 million from Hankey Capital
JPI Companies purchased a large parcel of land in Southern California and plans to build a more than 1.1 million-square-foot multifamily complex.
The Texas-based firm acquired 25.33 acres of land in Murrieta, Calif., in Riverside County for $38 million, or just over $1.5 million per acre, from private seller M.J. Winer. Private direct lender Hankey Capital provided $23 million for the purchase, according to data provided by Vizzda.
The proposal for the site at the intersection of Jefferson Avenue and Murrieta Hot Springs Road includes 852 residential units spread across 16 four-story buildings. The plans also include 117,664 square feet of common open space, along with 50,000 square feet of private open space.
The residential buildings, dubbed Jefferson Murrieta Apartments, would feature 329 one-bedroom units, 485 two-bedroom units, and 38 three-bedroom units.
The project also proposes roadway improvements to Jefferson Avenue and Murrieta Hot Springs Road, including two signalized intersections, according to the Governor’s Office of Planning and Research. The site is just off the Murrieta Hot Springs Road exit from Interstate 15, near I-15’s junction with Interstate 215.
Nick Trombola can be reached at NTrombola@commercialobserver.com.