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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.