(Read more on the multifamily market.)
MORENO VALLEY, CA-The Southern California division of Phoenix-based Alliance Residential has opened its 246-unit Broadstone Rancho Belago luxury apartments. The property, at 27625 E Trail Ridge Way, is situated on a site of nearly 26 acres near the Moreno Beach Drive exit of Highway 60.
The new complex is a response to the continuing growth in Moreno Valley and the Inland Empire's emergence as "one of the strongest multifamily markets in the country," says Bob Hutt of Alliance Residential. He cites the vacancy rate of under 5.5% and rent growth that is projected to remainstrong over the long term as Moreno Valley and the Inland Empire continue to add jobs despite the slowing of job growth in many regions.
Additionally, the area's housing market prices, rising to a median of $415,000 in Riverside County, have generated additional demand for rental units, Hutt notes. Moreno Valley, adjacent to the City of Riverside, is part of an Inland Empire Region where the population has grown to more than four million.
The Inland Empire region, which includes Riverside and San Bernardino counties, added 48,150 jobs in 2006, bringing total jobs in the region to more than 1.3 million. Some 37,200 new jobs are expected in 2007.
Broadstone Rancho Belago is situated in the eastern portion of Moreno Valley, east of Lasselle Street, which the city has named Rancho Belago to reflect the region's history of ranches and lakes. Broadstone Rancho Belago consists of units ranging from one to three bedrooms, with luxury finishes in the units, a multimedia athletic club, a movie theater, a pool table with bar, a pool and spa, plus other amenities.
The Rancho Belago joins a roster of Alliance Residential projects that include the 256-unit Broadstone Overlook apartment complex. The Broadstone Overlook project is at 12963 Moreno Beach Dr.
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