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…