The Hoffman Company Announces the Sale of 31.7 Acres in Murrieta, Calif., for $38 Million to National Multifamily Developer JPI

MURRIETA, Calif. – October25, 2023 – TheHoffman Company is pleased to announce the $38 million sale of31.7 acres of vacant land in Murrieta, California, to JPI, one of the nation's largestmultifamily developers. The 852-unit, four-story apartment community is poisedto transform the local housing landscape and meet the growing demand forquality living spaces in the downtown corridor. Ground-breaking on this fullyentitled property is estimated for late 2024 or early 2025.

“JPI’s acquisition is another large and impressive example of theinterest and commitment from nationally ranked developers in SW RiversideCounty,” said Justin Woodworth, who brokered the deal on behalf of The HoffmanCompany, a land brokerage firm based in Irvine, Calif. “The fundamentals inMurrieta indicate multifamily investment returns in this market shouldoutperform others in the region.”

“Over the past year, Murrieta's rental markethas displayed remarkable resilience and stability,” he said. “This stands outamid declining rents in major US markets, underscoring the persistent demandfor new rental housing in this area."

The project received unanimousapproval from the City of Murrieta Planning Commission in July, demonstratingcompliance with local regulations and alignment with the community's vision forsustainable growth.

“There is significantopportunity in Murrieta, and we’re thrilled to bring much-needed housing tothis growing market,” said Sunti Kumjim, Senior Vice President and RegionalDevelopment Partner for JPI. “It’s always our goal to be intentional with thecommunities we build and ensure they enhance the surrounding neighborhood and community.”

Located at the intersection ofJefferson Avenue and Murrieta Hot Springs Road in Murrieta, California, theyet-to-be-named community boasts a prime location in the downtown urban core ofMurrieta within walking distance to Starbucks, Panera, Jersey Mike’s and Chick-Fil-A,as well as major national retailers like Walmart, Home Depot, Lowe’s, Kohl’s,Big Lots and PetSmart. Furthermore, the superior location offers residentsconvenient access to the I-15 and I-215 freeways, as well as essentialamenities and services including gas stations and groceries.

The 852-unit development is atwo-phase project designed to offer a contemporary 4-story layout, providing adiverse mix of housing options to cater to various needs. The unit compositionincludes 329 one-bedroom units, 485 two-bedroom units, and 38 three-bedroomunits, ensuring a wide range of living choices.

The project's architecturaldesign, crafted by ArchitectureDesign Collaborative, encompasses three distinctive styles –Contemporary, Modern Agrarian, and Irving Gill. This diversity in designensures that the apartment community will be a visually appealing andharmonious addition to the Murrieta landscape.

Mark Esbensen and Scott Forestof WestMar Commercial Real Estate of Temecula co-brokered the sale.

About The Hoffman Company

The Hoffman Company, a leaderin the land brokerage industry, was founded in 1978. Since that time, our firmhas continued to grow, adapt and perfect land sales drawing from more than 40years of experience. As we move into our fifth decade in business, ourcommitment to serving the needs of builders, developers and investorsthroughout California and Nevada has become even stronger. When you have anasset as valuable as land, it pays to work with an experienced land brokeragefirm. For more information, please visit our website at www.hoffmanland.com.

About JPI

JPI is a national developer,builder, and investment manager of Class A, attainable and affordablemultifamily assets across the U.S., with over 9,700 apartment homes underdevelopment. Recognized by NMHC as the 8^th largest and fastestgrowing developer in the U.S., JPI is headquartered in Irving,Texas, and has two offices in SouthernCalifornia. With a 34-year history of successful developments throughoutmajor U.S. markets and an unparalleled depth of industry-specific experience,JPI stands among the most active privately held real estate companies in thecountry. JPI's leadership team has comprehensive experience in multifamilydevelopments – ranging from low-density garden apartments and mid- tohigh-density wrap and podium projects to senior-living communities andmixed-use high-rise developments. The firm offers investment management, predevelopment,underwriting, marketing, and investment management services as well asconstruction, financial, and administrative services. To learn more about JPI,please visit JPI.com.

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