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5/29/26
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The Hawthorne, a 184-unit, multifamily community in Riverside, was acquired by a joint venture between PCCP and Alliance Residential Company for $65.3 mil ($355k/unit). The property covers 6.7 acres at 9170 Indiana Ave, east of I-15 and adjacent to the 91 Fwy.
Consisting of 16 three- and two-story buildings and one single-story amenity building, The Hawthorne was delivered in 2023 and is a garden-style multifamily community. The property offers a mix of one-, two-, and three-bedroom floorplans averaging approximately 873 sf and is characterized by townhome-style architecture.
The units feature modern finishes throughout including quartz countertops, kitchen islands, stainless steel appliances with gas ranges, in-unit washers and dryers, vinyl plank flooring, and private patios or balconies. On site amenities include a resort-style pool and spa with cabanas, multiple landscaped courtyards with BBQs and fire pits, a clubhouse with entertainment areas, and a club-quality fitness center. There are 330 parking spaces, including 183 private garages.
The Hawthorne is centrally located within a dense and established residential area, with approximately 130,000 residents within a three-mile radius and more than 250,000 within five miles. The property offers immediate access to the 91 Fwy and is situated near major employment anchors, including Kaiser Permanente Riverside Medical Center, Riverside Community Hospital, Riverside University Health System, the University of California, Riverside, and California Baptist University.
Multifamily construction activity across the Inland Empire has declined significantly, falling more than 70% from peak 2023 levels. With limited new supply projected in the coming years, market fundamentals are expected to strengthen. Vacancy rates are anticipated to normalize, particularly in Riverside, where demand continues to be supported by strong population growth, job expansion, and increasing barriers to homeownership.
Riverside, the Inland Empire’s largest city, is among the fastest-growing population centers in the region. The city continues to benefit from strong in-migration and household formation driven by its relative affordability compared to coastal markets. Riverside County’s population has grown approximately 10% since 2010 and is now estimated at 2.5 million residents.
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