MORENO VALLEY, CA-The Southern California division of Phoenix-based Alliance Residential Co. has opened its $35 million, 256-unit Broadstone Overlook apartment complex, a resort-style property that is "achieving some of the highest rents in eastern Riverside County" at $1,200 to $2,000, according to Alliance's Drew Colquitt, Irvine-based Southern California division partner. The Broadstone Overlook project, at 12963 Moreno Beach Drive, is the newest of Alliance Residential's six multifamily developments in the Inland Empire.
Colquitt comments that the market fundamentals within the Inland Empire "have surprised many of our competitors and have continued to trend in our favor." He explains that, year after year, "Seemingly, nearly half of the projected apartment starts in the Inland Empire fail to materialize," primarily due to strict entitlements rules that "catch many developers by surprise."
While tough governmental approval processes and well-organized single-family residential opposition have significantly limited the supply of new multifamily developments, demand for apartments in the Inland Empire is strong due to robust job and population growth, rising home prices and falling housing affordability, Colquitt says.
The Broadstone Overlook development occupies 16 acres and is designed in a craftsman style. The property is adjacent to a new 500,000-sf commercial center, close to the Moreno Beach Drive exit of the I-60 Freeway.
Colquitt, the managing director and development partner who heads the Alliance office in Irvine, established the Irvine office three years ago and built a $750 million pipeline of multifamily projects. Alliance recently added development partner Chad McCollum in the Irvine office as part of a business plan that calls for doubling the size of the company's pipeline to $1.5 billion.
Colquitt has focused on all of Southern California until recently, but with McCollum coming on board the two Alliance development partners will now specialize in different parts of the region. Colquitt will now focus primarily on Los Angeles, the Pacific Northwest and San Diego, while McCollum will specialize on Orange County, the Inland Empire and the Central Valley.
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