PCCP and Alliance Residential buy a Riverside complex for $65.3M

Connect CRE: A PCCP and Alliance Residential joint venture paid $65.3 million for The Hawthorne, a 184-unit apartment community at 9170 Indiana Ave. in Riverside. The seller wasn't disclosed. Delivered in 2023, the property runs 16 two- and three-story buildings plus an amenity building, with one-, two-, and three-bedroom units averaging about 873 square feet.

PCCP managing director Michael Johnson called it a Class A community bought at a solid basis in a high-growth Southern California submarket with strong long-term demand drivers.