Picerne Breaks Ground on Inland Empire Apartments
Ontario, Calif.—Ground has been broken on Vistara, a 298-unit apartment community in Ontario, Calif., in the region known as the Inland Empire. The developer, The Picerne Group, anticipates that the property will be complete by the second quarter of 2015.
The project will consist of one-, two- and three-bedroom units on more than 11 acres at Haven Ave. and 4th St. in Ontario, which is currently vacant. Architects Orange designed Vistara. According to the Picerne Group, the property will be designed to appeal to young professionals and families.
Common amenities will include a resort-style pool and spa with barbecue and fire pit areas, a clubhouse with media and game components, a fitness center and Wi-Fi throughout the common areas. Plans call for 576 parking spaces, including options for garage, open stalls and carports.
Demand for apartments in the Inland Empire has been growing with job growth in recent years. Investment specialist Marcus & Millichap estimates that the regional economy will create 29,500 jobs this year, a 2.4 percent increase in payroll employment, a little less than in 2013, but still fairly robust. The region is on track to surpass prior peak employment sometime in 2015.
The apartment vacancy rate in the Inland Empire will drop from 4.8 percent at the beginning of this year to 4.5 percent at the end, the company also predicts. At the beginning of 2013, vacancies were 5.4 percent. Rents will go up by 3.4 percent this year, Marcus & Millichap predicts.Tags: New Development, Picerne Group, Vistara