This is an ideal acquisition for both investors and homebuilders, with interest in acquiring a well located, flat site, in the immediate vicinity of all utilities. In addition to acquiring a fully entitled property, when the tentative map was approved in May of 2019, the zoning on the property was also updated to allow up to five dwelling units per acre (R5). This newly approved upzoning may lead to further potential investment upside, should the future owner wish to explore the possibility to re-entitling the site to maximize the allowable per acre unit density.
The housing market in Moreno Valley is the strongest we have seen this cycle and all actively selling new home projects are currently selling approximately five to nine homes per month. This robust sales absorption points to the local pent up demand for affordable housing in the area. Furthermore, Moreno Valley is adding numerous jobs as major industrial distribution centers are being brought online. In 2015, the City absorbed approximately 5.8 million square feet of industrial space and the newly approved World Logistics Center, offers 40.6 million square feet, which promises strong future job growth for years to come.
