PCCP, Alliance Residential Buy Inland Empire Asset for $65M
The property commanded a price per unit significantly above the market average.
PCCP and Alliance Residential Co. have paid $65.3 million for The Hawthorne, a 184-unit asset in the Inland Empire’s biggest city of Riverside, Calif. The Carlyle Group and Brandywine Homes sold the property, Yardi Matrix data shows.
City National Bank funded The Hawthorne’s construction with a $34 million loan in 2020, and the property came online three years later. The community encompasses 16 two- and three-story buildings with one- to three-bedroom layouts that average 873 square feet.
The property is at 9170 Indiana Ave., less than 1 mile from Riverside Freeway, which leads to the downtown area about 6 miles away. Major nearby employers include Kaiser Permanente and Riverside Hospital, as well as the University of California.
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The acquisition of The Hawthorne is the latest in a series of deals by PCCP and Alliance Residential. Earlier this year, the two companies teamed up for the acquisition of Heights on Katy, a 387-unit asset in Houston, and Luxor Bala Cynwyd, a 173-unit property in metro Philadelphia.
Alliance Residential also has ongoing projects with The Carlyle Group. The duo teamed up for the acquisition of a multifamily development site for $30.4 million in March, as reported by the Daily Journal of Commerce. Columbia Pacific Advisors initially eyed an office project for the Seattle land, but eventually decided to divest from the asset.
Inland Empire keeps pricing edge at the cost of fewer deals
The Hawthorne traded for close to $355,000 per unit, marking an increase of more than 33 percent compared to the average price per unit recorded throughout the Inland Empire in 2025, as reported by Yardi Matrix. Last year’s average figure was also 6.8 percent higher on an annual basis.
However, in terms of overall multifamily transaction volume, 2025 was the second-worst year this decade. Just $672 million worth of assets traded last year, significantly below the annual average of $1.4 billion dating back to 2016.
