The Hoffman Co. sells 31.7 acres in Murrieta, Calif., for $38m to JPI
The Hoffman Co. announced the $38 million sale of 31.7 acres of vacant land in Murrieta, Calif., to JPI, a multifamily developer. The 852-unit, four-story apartment community is estimated to break ground in late 2024 or early 2025.
“Over the past year, Murrieta's rental market has displayed remarkable resilience and stability,” said Justin Woodworth, who brokered the deal on behalf of The Hoffman Co. “This stands out amid declining rents in major U.S. markets, underscoring the persistent demand for new rental housing in this area."
The project received unanimous approval from the City of Murrieta Planning Commission in July.
“There is significant opportunity in Murrieta, and we’re thrilled to bring much-needed housing to this growing market,” said Sunti Kumjim, senior vice president and regional development partner at JPI. “It’s always our goal to be intentional with the communities we build and ensure they enhance the surrounding neighborhood an