OFFERS DUE: Wednesday, January 8th, 2025

EXECUTIVE OVERVIEW

Matthews Real Estate Investment Services™, as the exclusive listing agent, is pleased to present Mission Grove Plaza, a 9.97 acre multifamily development opportunity located at 375 East Alessandro Boulevard in the Mission Grove neighborhood of Riverside, CA. The site will be delivered entitled upon closing for 347 residential units. The city of Riverside is open to a reduced density execution and ownership is prepared to allow additional time for this process.

INVESTMENT HIGHLIGHTS

• Located in the Inland Empire, Southern California’s Fastest Growing Region – The population in the Inland Empire grew by nearly 10% over the last 10 years to over 4.8 million and will grow an additional 20% (nearly 1 million more residents) by 2050. The economy is one of the largest and fastest-growing in the nation and ranks 30th for employment growth, performing better than Los Angeles, San Diego, and Orange County. Rental market performance has also outperformed each of the neighboring counties.
• Robust Economic Growth Spearheaded By the Logistics and E-Commerce Section – E-commerce continues to be a strong driving force for the Inland Empire’s industrial market, creating strong demand for large, modern warehouses. Currently, there is over 26.7 million SF of industrial space under construction which will bring an estimated 34,000 additional jobs to the region. Developers are still confident in anticipated demand despite rising construction costs and land values over the last few years. Notably, E-Commerce giant Amazon has increased their presence in the Inland Empire substantially over the last 10 years and currently occupy 26.9 million square feet of space in the Inland Empire with 50 industrial buildings
• Superior Mission Grove Demographics – Mission Grove represents one of the most desirable and affluent areas not only of Riverside but of the entire Inland Empire. The average household incomes surpaasses $145,000 within a 2-mile radius and recent home sales stand at over $800,000. Taking into account a monthly mortgage of $5,072 and an average market rent of $2,559 for existing multifamily assets, there is a $2,500 discount to rent versus home ownership
• Walking Distance to Approximately 500,000 SF of Retail Space – Located within the Mission Grove Shopping Center, the site provides future residents the convenience of over 500k SF of retail including Stater Bros Grocer, Galaxy Theatre, Starbucks, Cookie Co., LA Fitness and BevMo. Sprouts Market, located just across the street from the site, is one of the highest grossing Sprouts in the Nation, generating 55% more in sales than the National Sprouts average.
• The Inland Empire Ranks Amongst the Highest in the Nation for Rent Growth – Since 2000, the Inland Empire has averaged an annual increase 6.4% for the average market rent. CoStar,
  Inc. projects rents to continuing growing more than 3.9% annually for the next 5 years.
• Strong Multifamily Fundamentals – Projections from Axiometrics indicate a promising annual effective rent growth of 2.8% through 2024, with a steady increase anticipated up to 2027. Occupancy rates in the submarket are expected to rise to 95.7% in 2024, maintaining an impressive average of 96.7% between 2025 and 2027
• Multifamily Demand is Outpacing Supply – According to RHNA 2021-2029 Housing Element Cycle, the City of Riverside needs to identify space for approximately 24,000 new residential units for the 2021-2029 Cycle due to the State’s current housing crisis. Since 2021, approximately only 1,000 units have been delivered. Currently, there is only one multifamily property under construction in the City of Riverside. The 482-unit property is expected to be delivered at the end of 2024. Twelve other properties, totaling 2,250 units, are currently under review or recently approved and will be delivered in the next 5 years