Texas Developer JPI Started Construction on the 222-Unit Project in Inglewood
A 222-unit apartment project is under construction at 939 W. Manchester Blvd. in Inglewood, California. (JPI)
CoStar News
January 31, 2024 | 12:16 P.M.
An apartment project has added to the ongoing multifamily construction boom in Inglewood, California, as developers look to meet demand spurred by the city’s new sports stadiums.
Texas developer JPI broke ground this week on the 222-unit Jefferson Inglewood project at 939 W. Manchester Blvd., according to a statement by the developer. The project is part of a 1,000-unit wave of multifamily projects that are either under construction or have been built in Inglewood since 2021.
That two-year apartment construction pipeline contrasts with the 885 units built in a 30-year stretch between 1990 and 2020 in Inglewood, according to CoStar data.
Such growth follows the 2020 completion of the $5 billion SoFi Stadium and the soon-to-be-completed $2 billion Intuit Dome in Inglewood, a city within Los Angeles County. The former venue houses the Los Angeles Chargers and Rams football teams while the latter will be the home of the Los Angeles Clippers basketball team. Both venues are expected to be used for the 2028 Summer Olympics in Los Angeles.
JPI's eight-story project rising near L.A. Metro's Westchester/Veterans Station is designed to feature both market-rate and affordable housing.
The greater Inglewood multifamily market has 5.7% vacancy, above the greater Los Angeles average of 5%, according to CoStar data. The market has an average monthly rent of $1,725, below the greater L.A. average of $2,229.
SoFi Stadium and Intuit Dome have supercharged the city of Inglewood where property values have tripled and hundreds of millions of dollars in property sales have occurred in recent years.
SoFi Stadium is situated within billionaire developer Stan Kroenke's nearly 300-acre, Hollywood Park mixed-use development that remains under construction, with roughly 890,000 square feet of retail and creative office space in the works alongside two newly-opened apartment complexes. Intuit Dome is slated for completion this summer across the street from SoFi Stadium.