The Hoffman Company announces the sale of 31.7 acres in Murrieta to developer JPI for $38 million

JPI has purchased 31.7 acres of vacant land in Murrieta to build an 852-unit apartment community, depicted in this rendering. Valley News/Courtesy photo
MURRIETA – The Hoffman Company announced the $38 million sale of 31.7 acres of vacant land in Murrieta to JPI, one of the nation’s largest multifamily developers. The 852-unit, four-story apartment community is poised to transform the local housing landscape and meet the growing demand for quality living spaces in the downtown corridor. Ground-breaking on this fully entitled property is estimated for late 2024 or early 2025. “JPI’s acquisition is another large and impressive example of the interest and commitment from nationally ranked developers in SW Riverside County,” Justin Woodworth, who brokered the deal on behalf of The Hoffman Company, a land brokerage firm based in Irvine, said. “The fundamentals in Murrieta indicate multifamily investment returns in this market shoul
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