31.7-Acre Vacant Lot Sells For $38M In Murrieta, 852 Apartments Coming

MURRIETA, CA — A 31.7-acre vacant lot in Murrieta was sold to a developer, and plans are to build a four-story apartment complex at the site, according to The Hoffman Company, which brokered the $38 million real estate deal announced Wednesday.

The property is located at the intersection of Jefferson Avenue and Murrieta Hot Springs Road. The development calls for 852 apartments, including 329 one-bedroom units, 485 two-bedroom units and 38 three-bedroom units. The project received Murrieta Planning Commission approval in July.

Construction is estimated to begin in late 2024 or early 2025, according to The Hoffman Company.

Laguna Hills-based Architecture Design Collaborative is the architect for the project. The yet-to-be-named development will incorporate three design styles: contemporary, modern agrarian and Irving Gill, according to Irvine-based The Hoffman Company.

“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 for JPI. “It’s always our goal to be intentional with the communities we build and ensure they enhance the surrounding neighborhood and community.”

The project site is within walking distance to major national retailers like Walmart, Home Depot, Big Lots and PetSmart. Dozens of eateries and services are also nearby, as are Interstates 15 and 215. The area is the northern point of Murrieta's industrial area along Jefferson Avenue.

“JPI’s acquisition is another large and impressive example of the interest and commitment from nationally ranked developers in SW Riverside County,” said Justin Woodworth, who brokered the deal on behalf of The Hoffman Company. “The fundamentals in Murrieta indicate multifamily investment returns in this market should outperform others in the region.

“Over the past year, Murrieta's rental market has displayed remarkable resilience and stability,” Woodworth continued. “This stands out amid declining rents in major US markets, underscoring the persistent demand for new rental housing in this area."

The Hoffman Company also brokered the deal on the 46-acre site of the former Murrieta Hot Springs Christian Conference Center and Bible College Campus — which sold for $50 million last year. Last week, it was announced the site will reopen to the public in February as the Murrieta Hot Springs Resort.