The Hoffman Company Announces the Sale of 31.7 Acres in Murrieta, Calif., for $38 Million to National Multifamily Developer JPI
The Hoffman Company is pleased to announce the $38 million sale of 31.7 acres of vacant land in Murrieta, California, to JPI , one of the nation's largest multifamily developers.
- The Hoffman Company is pleased to announce the $38 million sale of 31.7 acres of vacant land in Murrieta, California, to JPI , one of the nation's largest multifamily developers.
- Ground-breaking on this fully entitled property is estimated for late 2024 or early 2025.
- “This stands out amid declining rents in major US markets, underscoring the persistent demand for new rental housing in this area."
- The unit composition includes 329 one-bedroom units, 485 two-bedroom units, and 38 three-bedroom units, ensuring a wide range of living choices.