A joint venture between PCCP and Alliance Residential Company has acquired The Hawthorne, a recently delivered multifamily community in Riverside, for $65.3 million. The 184-unit property is located at 9170 Indiana Ave., and the seller was not disclosed in the transaction announcement.
The Hawthorne was completed in 2023 and is designed as a garden-style community. The residential portion is composed of 16 buildings, featuring a mix of two-story and three-story structures. In addition, the property includes a single-story building dedicated to resident amenities, reinforcing the community’s focus on lifestyle offerings alongside its residential units.
The community is characterized by townhome-style architecture, and its unit mix spans one-, two-, and three-bedroom floorplans. Across the property, residences average approximately 873 square feet, positioning the asset within the modern, Class A segment of the multifamily market as described by the buyer. The combination of varied floorplans and average unit size is intended to appeal to a range of household types seeking contemporary rental housing.
Onsite amenities at The Hawthorne include a resort-style pool and spa equipped with cabanas, providing residents with a central outdoor gathering and relaxation space. Multiple landscaped courtyards are enhanced with BBQ areas and fire pits, extending the property’s outdoor living options and creating additional social and entertainment zones for residents.
Interior amenity spaces are anchored by a clubhouse that offers entertainment areas for residents, complementing the outdoor features. A fitness center is also provided onsite, giving residents access to health and wellness facilities within the community. Together, these amenities support the property’s positioning as a Class A offering in its local market.
Commenting on the acquisition, Michael Johnson, managing director with PCCP, described the investment as an opportunity to partner with Alliance Residential Company in a joint venture structure. He noted that the buyers view The Hawthorne as a well-located, Class A community acquired at a solid basis in what they regard as a high-growth Southern California submarket with strong long-term demographic and demand drivers.
The transaction underscores ongoing institutional interest in newer, amenity-rich, garden-style multifamily assets delivered in the early 2020s. While the identity of the seller and details of any related financing were not disclosed, the closing adds another recently built community to the portfolios associated with PCCP and Alliance Residential Company through their joint venture.
