(To read more on the multifamily market, click here.)

WILDOMAR, CA-Western National Realty Advisors plans to build a 320-unit apartment complex on a 20-acre site that the company has acquired in this Riverside County community. Western National bought the land and will develop the property via its Fund I, a $50-million private equity fund that it established some time ago to buy and invest in multifamily assets.

The development site will be at 36491 Yamas Dr., at the Prielipp Road intersection. The 320 units will include 96 one-bedrooms, 160 two-bedrooms and 64 three-bedrooms. Rents are expected to average about $1,400.

Construction on the new project is set to begin in June and is slated for completion in May 2008. The complex will feature attached garages, pools and spas, a business center, a fitness center, in-unit washers and dryers, controlled-access gates and units wired for high-speed Internet access.

Western National chose the Inland Empire location in light of a number of factors that have driven demand for new apartment units, according to Stephen Duffy, the company’s chief operating officer. The region’s population is growing rapidly, and rising prices for homes and condominiums are driving the need for apartments, Duffy notes. In addition, the development site is in a part of the North Temecula Valley that is close to numerous employment centers.

Besides its newly acquired parcel of land in Wildomar, the Fund I portfolio comprises the 133-unit Monterra apartments in Anaheim, the 116-unit El Dorado complex in Garden Grove, the 194-unit Silver Oak Apartments in Poway and the Boulevard, a 202-unit apartment site that is under development in Northridge. Western National Realty Advisors is part of Western National Group, a 43-year-old multifamily acquisitions, development, construction and property management firm.

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