LOS ANGELES — LaTerra Development, a Los Angeles-based multifamily developer, has acquired a fully entitled apartment development site for $8,200,000 in the city of Perris, CA, in the heart of the booming Inland Empire. The 16.2-acre site at 2700 N. Perris Boulevard in Western Riverside County, 71 miles east/southeast of Los Angeles, is approved for 228 apartments.
“We are excited to acquire this well-planned property that will provide larger, suburban style apartments to the fast-growing workforce in the area,” said Chris Tourtellotte, Managing Director of LaTerra. “Because the project is fully entitled, we will be able to jump-start construction in early 2022.”
The low-density apartment project will consist of 38 two-story buildings separated by greenbelts. The apartments will be a mix of 68 one-bedrooms, 50 standard two-bedrooms, 60 larger two-bedrooms and 50 three-bedrooms, up to 1200 square feet. All units will have terraces, washer-dryer, top appliances and finishes. Outdoor amenities include a pool, communal BBQ area, communal park, two playgrounds and a dog park. Additionally, the project will include a leasing office, game room, entertaining room, and fitness center. First apartments are anticipated to be available for occupancy in the third quarter of 2023.
“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,” notes Tourtellotte. He points out that a 24% additional cumulative rent growth is projected over the next four years while vacancy rates are anticipated to remain at or below 2% through 2026. Recent reports show that 250,000 people moved from other areas of California into the Inland Empire during the past year to take advantage of its lower housing costs and good public schools.
The Inland Empire that consists of Riverside and San Bernardino Counties is in the midst of an industrial business explosion with 285 warehouse/logistics facilities, each over 100,000 square feet and occupied by leading American companies. Most of these facilities have been built in the past six years and an additional 18 are under construction. Many are within a short drive of the new LaTerra apartments.
Justin Esayian and Justin Woodworth at the Hoffman Company represented the buyer and seller in this transaction.
About LaTerra Development, LLC.
LaTerra is a market leading, fully integrated real estate investment and development company headquartered in Los Angeles, CA.
LaTerra and its general contractor affiliate, LT Building Corp., are developing and constructing mixed use projects, with more than 3,000 multifamily units and over 250,000 square feet of premium commercial space. The estimated value of LaTerra’s current projects at completion exceeds $2.5 billion.
LaTerra favors designs incorporating green building practices and sustainable materials by continuously seeking and implementing the latest in available technologies – cleaner and more efficient buildings, better sound attenuation, smart homes and services.
LaTerra’s mission is to create innovative designs infusing new energy and capital into neighborhood communities while remaining consistent with local values. This mission is engrained in and reflected by the company’s daily operating culture. By prioritizing the enrichment of people and relationships, LaTerra produces winning results for its residents, tenants, employees and investors.