TEMECULA, CA—In addition to a reasonable cost of living, high quality of life and great year-round weather, Temecula has strong job, population and rent growth forecasted over the next 12 months, CBRE's VP, investment properties, Rachel Parsons tells GlobeSt.com. As we recently reported, he firm's Capital Markets' Debt & Structured Finance team's Bill Chiles, Scott Peterson and Brian Cruz recently arranged a $48.8 million loan for the acquisition of Cape May at Harveston, a 300-unit, class-A apartment community at 40140 Village Rd. here, by MIG Real Estate from what Real Capital Analytics reports was JP Morgan Asset Management. We spoke exclusively with Parsons about the Temecula multifamily market.

GlobeSt.com: How would you characterize the Temecula multifamily market?

Parsons: The Temecula market is a small, yet very dynamic market. The rental market is actually fairly underserved, with only 18 total communities, of which only two were built since 2007 and only one 140-unit property currently under construction.

GlobeSt.com: Who are the typical renters in this market?

Parsons: Couples and young families are drawn to Temecula due to its quality of life and exceptional school systems. Many renters work in the high-paying jobs within Southwest Riverside County, and several commute to San Diego as well.

GlobeSt.com: Who are the investors in this market?

Parsons: It's a mix of private capital and sponsors, primarily Southern California based as well as a small portion (17%) of institutional ownership (pension-fund advisors and funds).

GlobeSt.com: What else should our readers know about the Temecula multifamily market?

Parsons: Simply put, Temecula has a reasonable cost of living, high quality of life and great year-round weather. The future of Temecula is bright, with strong job, population and rent growth all forecasted over the next 12 months. The top industries in the region are life sciences, medical devices, tourism and technology. Temecula's top three employers are Pechanga Resort, Temecula Valley Unified School District and Abbott Vascular. There are also more than 40 wineries in Temecula now. It truly is a great place to live and also to visit.

Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.

GlobeSt.com: How would you characterize the Temecula multifamily market?

GlobeSt.com: Who are the typical renters in this market?

GlobeSt.com: Who are the investors in this market?

GlobeSt.com: What else should our readers know about the Temecula multifamily market?

Instant Insights /

The Unassuming Rental Draw of This Market

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