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8/02/22
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JPI acquired a 482-unit apartment project on approximately 18 acres located near the intersection of CA-60 and I-215 in Riverside. The project is part of a larger 35-acre mixed-use development called The Exchange being developed by the seller, AFG Development LLC. A price was not given out.
JPI will complete construction on the multifamily project, Jefferson Exchange, while AFG will continue the commercial development with 44.5k sf of future retail use. The Exchange is currently under construction with its first apartment units available estimated for January 2025.
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 sf to 1.3k sf.
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.
Justin Woodworth and Bryant Brislin with The Hoffman Company represented the seller in the transaction. Equity partners in the project are Comerica, UDR and Sumitomo. The general contractor is JPI California Construction LLC and the architect is Arris Studio Architects.
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