Fifield Companies, a well-known development firm headquartered in Chicago, has set its sights on the rapidly growing Inland Empire region. Recently, the firm acquired a 10-acre site in Riverside and is currently working to obtain entitlements for a 281-unit apartment complex. According to a statement released by Land Advisors Organization, the brokerage that represented both parties in the transaction, the purchase price was $11 million, and the seller was a family trust.
The La Sierra neighborhood, which is located on the west side of Riverside and was recently upzoned by the city, is where the property is situated. The Inland Empire, which includes Riverside, has been experiencing a population surge for years as a result of high housing costs in Los Angeles and the Bay Area. According to a recent study, the region, which currently has a combined population of approximately 4.7 million people, is expected to grow twice as fast as the rest of Southern California over the next 25 years.
Kome Ajse, executive director of the Southern California Association of Governments, believes that the Inland Empire will be the place to be, saying, “I don’t know if it stays in L.A.’s shadow. The Inland Empire will be where the action will be. As the population will be there, the buying power will be there.” As a result of the region’s population growth, home prices have soared, and multifamily development sites are in high demand. According to another study, the Inland Empire has been California’s most volatile residential market for decades.
