Craig Jones
MBK Rental Living is all in on the Inland Empire market. The developer has completed Mitchell Place, a neighborhood with 78 apartments and 152 townhomes in Murrieta, and it is another signal that MBK Rental has an optimistic outlook on the Inland Empire market.
"MBK has been bullish on the Inland Empire since 2013 when we made our initial land purchase for apartment development in Corona. Since that time, we've expanded our investment in the region with three additional apartment development projects totaling over 1,000 units," Craig Jones, president at MBK Rental Living, tells GlobeSt.com. "The simple answer is economic, and market fundamentals have been strong and the region is maturing into a more diverse and sustainable investment arena. Population growth is among the top five areas in the nation, employment growth has been steady and strong, creating apartment demand, and new construction has been constrained to less than 1.0% of existing inventory. At 96%-plus occupancy, the market is balanced and should continue to see rental growth."
Mitchell Place is already reaping the benefits of the local Inland Empire growth. Since opening, the project has average 35 leases per month. "MBK carefully selects markets for investment based on growth, income, schools and other demand demographics. Our projects have continued to see strong leasing due in part to limited competitive development in the surrounding neighborhoods above and beyond our expectations," adds Jones. "We believe that careful planning that aligns with the lifestyles of our residents optimizes demand and maximizes asset performance."
The apartment property is also attracting a diverse group of renters, and that is driving activity. "Mitchell Place is a community within a community," says Jones. "We've created a lifestyle that caters to a diverse cross-section of renters looking for a focus on family and a tranquil retreat. Our community park, resort pool, fully-appointed fitness center with kids' room, and other thoughtful amenities, along with spacious and well-appointed floor plans, create a place that we hope our residents will call home for the long term."
Now that peak season is coming to an end, MBK Rental expects a slowdown through the end of the year, but remain on par with leasing activity at the end of 2018. "Seasonally, there's always a slowdown when schools are back in session, through early Spring," says Jones. "However, I anticipate that demand will continue to mirror previous years in markets that have a balance with new supply."
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Kelsi Maree Borland
