LaTerra Development, a Los Angeles-based multifamily developer, has bought an apartment development site with 228 apartments in the City of Perris, CA. The transaction cost $8.2 Million to LaTerra; however, the developer will now have an in-demand property right in the heart of the booming Inland Empire.
“We are excited to acquire this well-planned property that will provide larger, suburban style apartments to the fast-growing workforce in the area, “Because the project is fully entitled, we will be able to jump-start construction in early 2022.”
Chris Tourtellotte, Managing Director of LaTerra.
38 two-story buildings on 16.2-acre Site
The property spans 16.2 acres of land and will ultimately house 38 two story buildings. Below is the distribution of apartments with respect to number of rooms:
- 68 one-bedrooms
- 50 standard two-bedrooms
- 60 larger two-bedrooms
- 50 three-bedrooms, up to 1200 square feet
Inner and Outer Amenities
Inner amenities include terraces, washer-dryer, top appliances and finishes, whereas outer amenities for all apartments include a pool, communal BBQ area, communal park, two playgrounds and a dog park.
“Rents in the Southwest Riverside submarket grew at 16% year over year, which is the second highest rent growth of any submarket in the United States,”
Chris Tourtellotte, Managing Director of LaTerra
Other Property Developments in Riverside and San Bernardino
We reported on how there are other attractive property developments taking place in the region. For instance, Leal Master Plan is a 160-acre Leal property in Eastvale that is being sought after as the next big business opportunity.
In December of 2017, the City of Eastvale adopted the Leal Master Plan, a plan to develop the 160-acre Leal property located at 58th Street, Hamner Avenue, Limonite Avenue, and Scholar Way. The Leal Master Plan establishes the City’s vision of the site as a major, mixed-use retail, office, housing, and civic development serving Eastvale and the region.
Palm Desert City: Remote-Owner Destination of Choice
We also reported about Palm Desert City becoming a preferred buyer destination for remote-home owners.
Coachella Valley: Study Shows Palm Desert City as the Most Popular Remote-Owner Property Destination
Results from a survey of 73,458 Coachella Valley property data entries compiled by Visit Greater Palm Springs show that “Palm Desert is the most popular remote-owner property destination with a 23% share of the whole valley, followed by Palm Springs at 22%, and La Quinta at 15%.
Lastly, we wrote about Duke Realty, a domestic industrial real estate company with a market cap of $20 Billion that bought a logistics property in Southern California’s Inland Empire West sub-market. The acquisition takes places as demand for modern distribution space in the Inland Empire heats up.
All of this neatly ties up with our earlier story about why the industrial leasing business dominates the Inland Empire region.
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Author
Author: Sharjeel
Sharjeel joined Startempire Wire as emerging technologies editor. Earlier, he worked at Silicon Canals, a leading English language technology media source for the Benelux and wider Europe. He covered the European technology and startup ecosystem digging into latest funding rounds of startups.
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