JPI Begins Vertical Construction on The Exchange At Riverside

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Aug 24, 2023, 15:51 ET

The new community is expected to bring 482 homes to Riverside, California in late 2024

RIVERSIDE, Calif., Aug. 24, 2023 /PRNewswire/ -- JPI, a leader in the development of Class A multi-family communities, announced today that vertical construction has begun on The Exchange at Riverside which will bring 482 homes to Riverside, California. The milestone was celebrated this morning at a Golden Hammer ceremony on the jobsite.

Golden Hammer Ceremony on August 24, 2023 celebrating vertical construction beginning on The Exchange at Riverside which will bring 482 homes to Riverside, California.

The Exchange at Riverside which will bring 482 homes to Riverside, California.

The three-story luxury multi-family development will offer 1-, 2-, and 3-bedroom homes to residents as well as several live/work units. The homes will offer energy-efficient stainless-steel appliances and electric ranges, private tiered balconies, 9-foot ceilings, and a full-sized washer and dryer.

Residents will also enjoy two resort-style pools accompanied by cabanas and outdoor firepits, an outdoor kitchen, coworking lounges, a state-of-the-art fitness center, a dog park, a bicycle storage and repair room, and electric vehicle charging stations.

"We are very blessed to be welcomed by the Riverside community and are excited about this project," said Payton Mayes, CEO of JPI. "Every project has a story, and there are so many people who played a role in the story of The Exchange at Riverside. We are so grateful for each and every one of you, and are excited to see this project come to life."

The Exchange at Riverside will provide convenient access to the award-winning downtown Riverside with the Fox Performing Arts Center, Convention Center, UCR Arts, Riverside Plaza, and Mission Inn & Spa. The Exchange at Riverside also offers outstanding access to education, as it is conveniently located close to the University of California Riverside which boasts over 26,000 students.

Within one mile of The Exchange at Riverside, you can find the historical 209-acre Fairmount Park which includes Lake Evans, Fairmount Lake, and Fairmount Park Golf Course. Also, within 2 miles of the community sits Mount Rubidoux, a 161-acre hill rising above downtown with hiking trails and panoramic views of the city, and the Santa Ana River trail which is being expanded to reach 110 miles from the Pacific Ocean to the mountains in San Bernadino.

The community will be ideal for commuters as the Metrolink Station is located two miles southwest of the property, providing access to various locations in the area including downtown Los Angeles or Irvine in less than 90 minutes. The office for the County of Riverside, the largest employer in the county, is also located 1.5 miles from the community and employs over 23,000 residents.

"This project means so much to the Northside neighborhood," said Erin Edwards, Councilmember of Ward 1. "I am thrilled that we can celebrate new housing opportunities here in our city. Adding 482 units to our housing inventory does more than just help us reach our housing goals, it shows we have a growing community where neighborhoods can thrive. I look forward to welcoming my neighbors to the community when it's complete."

First occupancy for The Exchange at Riverside is planned for late 2024. Interested residents are encouraged to visit www.jpi.com/communities/exchange-riverside/ for updates.

About JPI
JPI is a national developer, builder, and investment manager of Class A multifamily assets across the U.S., with over 9,300 apartment homes under development. Recognized by NMHC as the 8^th largest and fastest growing developer in the U.S., JPI is headquartered in Irving, Texas, and has two offices in Southern California. With a 33-year history of successful developments throughout major U.S. markets and an unparalleled depth of industry-specific experience, JPI stands among the most active privately held real estate companies in the country. JPI's leadership team has comprehensive experience in multifamily developments – ranging from low-density garden apartments and mid- to high-density wrap and podium projects to senior-living communities and mixed-use high-rise developments. The firm offers investment management, predevelopment, underwriting, marketing, and asset management services as well as construction, financial, and administrative services. To learn more about JPI, please visit JPI.com.

SOURCE JPI