A 482-unit apartment complex in Riverside has been sold.
The project, which sits on 18 acres at 3461 La Cadena Drive, is part of The Exchange, a 35-acre mixed-use development being developed by AFG Development LLC, according to a statement.
JPI Development Group Inc. in Murrieta purchased the project from AFG Development for an undisclosed sum.
The Hoffman Co., a Murrieta-based land brokerage company, negotiated the sale.
JPI Development will finish building the project, while AFG plans to add 45,000 square feet of retail. The Exchange’s first apartment units are expected to be placed on the market in January 2025.
“We’re enthusiastic to be building adjacent to the Inland Empire’s forward-thinking “innovation district,” said Rick North, JPI Development’s senior development manager, in the statement. “This area is home to public transport, hospitals, higher education campuses, tech businesses, vintage citrus packing houses and more.
“It’s a diverse and exciting location that is continuing to develop.”
The Exchange is near the interchange of Interstate 215 and the 60 Freeway, within one mile of downtown Riverside. Its apartment units will range from 710 t0 1,927 square feet, according to the statement.