Multifamily developer JPI has acquired an 18-acre site and will soon begin construction of a 482-unit apartment community as part of a mixed-use project called The Exchange in Riverside, CA. The seller, AFG Development LLC, will continue the commercial development of The Exchange for future retail use. 

“The sale of The Exchange apartments to a blue-chip developer like JPI is another example of the acute multifamily demand for new projects in the Inland Empire, which has not abated,” said Justin Woodworth of The Hoffman Company who represented the seller along with the firm’s Bryant Brislin.

Located at 3461 La Cadena Drive, the project called Jefferson Exchange, will offer 21 three-story buildings consisting of one- to three-bedroom apartments up to 1,300 square feet. Residents will enjoy amenities such as two fitness centers, a dog park, two heated pools and fire pits. There will also be two clubhouses with TV’s, games and kitchens.