Offering Memorandum · Confidential
Flamingo Bay
Apartments
96-Unit Entitled Development Site · Moreno Valley, California
Asking Price
$2.7M
Per Door
$28,125
Entitled Units
96
Fairbrook Communities · James Walters DRE# 02071589 · Matt Walters
Asking Price
$2.7M
Per Door
$28,125
Entitled Units
96
Site Area
3.86 AC
Stabilized NOI
$2.08M
Yield on Cost
6.36%
About This Offering
Flamingo Bay Apartments is a fully entitled, 96-unit apartment development site on Alessandro Blvd in Moreno Valley. Vested entitlements (PEN22-0029, Apr 27, 2023), completed plans, CEQA MND, and a land basis of $28,125/door — 30–42% below 2021 appraised residual value. A qualified buyer can break ground within months.
01 — Executive Summary
The Opportunity
Flamingo Bay Apartments is a 96-unit entitled development site at 25817–25843 Alessandro Boulevard in Moreno Valley, California. The City approved Plot Plan PEN22-0029 on April 27, 2023, with 164 Conditions of Approval and an adopted CEQA Mitigated Negative Declaration. Three building permits have been filed, vesting the entitlements under the Municipal Code.
Complete architectural, civil, structural, MEP, and landscape plans are in hand. A qualified buyer can commence construction within months of closing, bypassing the typical 12–24-month entitlement timeline.
✓ Entitled, Permitted & Vested
Plot Plan PEN22-0029 approved April 27, 2023. Three building permits filed — vesting the entitlements under the Municipal Code. No re-entitlement risk. CEQA challenge period expired.
✓ Below-Market Land Basis
At $2,700,000 ($28,125/door), the asking price represents a 30–42% discount to the 2021 appraised residual land value of $3.9M–$4.7M.
✓ Supply/Demand Dynamics
Inland Empire multifamily construction starts fell 42% year-over-year. Net absorption reached a 20-year high of 3,000+ units in 2024.
✓ Complete Diligence Package
Full plan set, CEQA clearance, Phase I ESA, geotechnical report, market study, traffic study, ALTA survey — all in the data room.
✓ Institutional Exit Profile
At a 4.75% exit cap rate, the stabilized value is $455,923 per unit ($43.8M total). Institutional-quality Class A garden-style product.
| Address | 25817–25843 Alessandro Blvd, Moreno Valley, CA 92553 |
| APNs | 484-030-013 & 484-030-026 |
| Site Area | 3.86 acres (4.07 incl. off-site) |
| Frontage | Alessandro Blvd + Copper Cove Ln |
| Zoning | R15 — Multifamily Residential |
| Current Use | Vacant land (since 1997) |
| Plot Plan | PEN22-0029 |
| Approval Date | April 27, 2023 |
| CEQA Status | MND Adopted |
| Building Permits | 3 Filed (Vested) |
| Conditions | 164 COAs |
| Plans Status | Complete (Nov 2024) |
$2.08M
Stabilized NOI
6.36%
Yield on Cost
$43.8M
Exit @ 4.75%
32.5%
Profit on Cost
22.0%
Levered IRR
2.85×
Equity Multiple
ARCHITECTURAL RENDERINGS
Artist’s Rendering
Artist’s conceptual renderings. Actual development may vary. · 10 hi-res renderings in data room
02 — Property Overview
Regional Context
Moreno Valley is the Inland Empire’s second-largest city (population 215,000) and one of its fastest-growing employment centers, with 35,000+ new jobs created over the past decade. Alessandro Boulevard connects the site to I-215, SR-60, and two major medical campuses within walking distance.
Healthcare Employment Anchor
UCR Health Riverside Medical Center (1.5 mi, 3,400+ employees, 439 beds, Level II Trauma) and Kaiser Permanente Moreno Valley (2 mi, 800–1,200 employees, 101 beds) are both within walking distance. UCR Health announced a major expansion in June 2025 targeting world-class care for the Inland Empire.
| UCR Health Medical Center | 1.5 miles |
| Kaiser Permanente | 2 miles |
| World Logistics Center | 3.5 miles |
| I-215 / SR-60 | 4.2 / 1.6 miles |
| March Air Reserve Base | 7,500 jobs |
| Population | ~215,000 |
| Median HH Income | $109,000 |
| Unemployment | 6.3% |
| Healthcare Jobs (2 mi) | 5,000+ |
| Major Employers | UCR Health, Kaiser, Amazon |
Figure 1 — Regional context: major employers, medical centers, and freeway access
Local Neighborhood
Dual frontage on Alessandro Blvd and Copper Cove Ln. Flat pad requiring minimal grading. All utilities at the property line. Clean environmental history. Efficient rectangular shape suited to garden-style layout.
Figure 2 — Local context: shopping, parks, schools within 1-mile radius
SITE AERIAL
25817\u201325843 Alessandro Blvd, Moreno Valley, CA 92553 \u00b7 APN 484-030-013 & 484-030-026 \u00b7 3.86 Acres
APPROVED SITE PLAN
PEN22-0029 \u2014 96 Units \u00b7 4 Buildings \u00b7 171 Parking Spaces \u00b7 2,588 SF Clubhouse
03 — Development Program
Approved Development (PEN22-0029)
| Unit Type | Count | Size (SF) | % Total | Monthly Rent | Annual Rent |
|---|---|---|---|---|---|
| 1BR / 1BA | 48 | 755 | 50% | $2,281 | $1,313,819 |
| 2BR / 2BA | 48 | 1,020 | 50% | $2,758 | $1,588,804 |
| Total / Avg | 96 | 888 avg | 100% | $2,520 avg | $2,902,622 |
Plan 1 — 1 Bedroom / 1 Bath
755 SF · 48 units (50%)
Plan 2 — 2 Bedroom / 2 Bath
1,020 SF · 48 units (50%)
Color & Material Selections
Scheme 1 — Material & color selections
Scheme 2 — Material & color selections
CLUBHOUSE & AMENITIES
2,588 SF \u00b7 Reception \u00b7 Leasing \u00b7 Fitness \u00b7 Pool Facility
LANDSCAPE MASTER PLAN
DNA Landscape Architecture \u00b7 Version 9 \u00b7 Pool \u00b7 Dog Park \u00b7 Tot Lot \u00b7 EV Charging
04 — Entitlements & Approvals
Entitlement Overview
The City of Moreno Valley Planning Commission approved Plot Plan PEN22-0029 on April 27, 2023 via Resolution 2023-14, with 164 Conditions of Approval and an adopted CEQA Mitigated Negative Declaration. Three building permits have been filed, vesting the project’s entitlements under the Municipal Code.
Vested Entitlements — A Key Buyer Advantage
Building permits BFC23-0103, BFR23-0136, and BFR23-0138 have been filed with the City, fully vesting the entitlements under the Municipal Code. The buyer acquires a shovel-ready asset with complete approvals in place — no re-entitlement risk, no regulatory uncertainty.
| Element | Reference | Status | Date |
|---|---|---|---|
| Plot Plan | PEN22-0029 | APPROVED | Apr 27, 2023 |
| PC Resolution | 2023-14 | ADOPTED | Apr 27, 2023 |
| CEQA Clearance | MND | ADOPTED | Mar/Apr 2023 |
| Building Permits | 3 Permits | FILED — VESTED | 2023 |
| BFC23-0103 | Clubhouse (2,588 SF) | Vests commercial |
| BFR23-0136 | Residential (96 units) | Vests density |
| BFR23-0138 | Sewer/water infra | Vests utilities |
Plan Set Status (All Complete — Nov 2024)
05 — Market Overview
Inland Empire Multifamily Market
The Inland Empire has added one housing unit for every 1.6 jobs created over the past 20 years. This structural undersupply drives persistent multifamily demand.
5.6%
Vacancy Rate (Declining)
3,000+
Units Absorbed (2024)
−42%
Pipeline YoY Change
| Metric | Value | Trend |
|---|---|---|
| Vacancy Rate | 5.6–6.2% | Declining |
| Average Rent | $1,942–$2,103/mo | +1.0–1.2% YoY |
| Net Absorption (2024) | 3,000+ units | 20-year high |
| Units Under Construction | 4,507 | Down 42% YoY |
| Avg Sale Price/Unit | $305,704 | +23.8% YoY |
| Average Cap Rate | 5.8% | Stabilizing |
Sources: Kidder Mathews Q3 2025, Matthews Q1 2025, CBRE January 2026
Supply Window
Pipeline contracting while demand accelerates. 2027–2028 delivery enters during pipeline trough — fewer competing projects = faster lease-up and stronger pricing.
| Project | Type | Units | Status | Developer |
|---|---|---|---|---|
| Town Center at MoVal | Mixed-Use | 800 | Approved Feb 2025 | Lewis Companies |
| Broadstone Rancho Belago | Apartments | ~250 | Leasing (2024) | Alliance Residential |
| Aquabella Specific Plan | Master-Planned | 3,000+ | SEIR in progress | — |
| Rancho Belago Estates | Mixed-Use | 150 MF | Specific Plan stage | — |
| Continental Villages | Apartments | TBD | Opening Fall 2025 | — |
Town Center at MoVal — Complementary Development
Lewis Companies’ 800-unit mixed-use project approved February 2025, less than 1 mile east on Alessandro. Includes 106,000 SF commercial + 106-room hotel. Creates Moreno Valley’s first walkable downtown — increasing desirability and rental premiums at adjacent sites including Flamingo Bay.
Figure 8 — Development pipeline: 5 competing/complementary projects within 5-mile radius
06 — Financial Analysis
Development Budget & Pro Forma
| Category | Total | Per Unit | Per SF | % of Total |
|---|---|---|---|---|
| Land Acquisition | $2,738,700 | $28,528 | $32.14 | 8.4% |
| Hard Costs | $21,923,196 | $228,367 | $257.31 | 67.0% |
| Soft Costs | $6,973,570 | $72,641 | $81.85 | 21.3% |
| Financing Costs | $1,074,279 | $11,190 | $12.61 | 3.3% |
| TOTAL PROJECT COST | $32,709,745 | $340,727 | $383.92 | 100% |
Land Basis Analysis
$2,700,000 ($28,125/door) represents a 30–42% discount to the July 2021 appraised residual land value of $3.9M–$4.7M. Creates immediate paper equity for the buyer upon acquisition.
| Line Item | Annual | Per Unit/Yr |
|---|---|---|
| Gross Potential Rent | $2,989,538 | $31,141 |
| Other Income | $190,600 | $1,985 |
| Less: Vacancy & Loss (6.3%) | ($188,341) | ($1,962) |
| EFFECTIVE GROSS INCOME | $2,991,798 | $31,164 |
| Operating Expenses | ($912,788) | ($9,508) |
| NET OPERATING INCOME | $2,079,010 | $21,656 |
Construction Loan
$21,261,334
65% LTC
Equity Required
$11,448,411
35% of cost
Perm Loan Rate
5.50%
30-year amort.
Annual Debt Service
$1,655,100
$137,925/mo
DCR
1.26×
Exceeds 1.25× min
Debt Yield
8.56%
Strong lender protection
Exit Sensitivity & Return Analysis
Net of 1.0% selling costs. Base case (4.75% cap) highlighted.
| Exit Cap Rate | Stabilized Value | Per Unit | Profit on Cost |
|---|---|---|---|
| 4.00% | $51,975,243 | $541,409 | 57.3% |
| 4.25% | $48,917,875 | $509,561 | 48.1% |
| 4.50% | $46,200,216 | $481,252 | 39.8% |
| 4.75% (Base Case) | $43,768,625 | $455,923 | 32.5% |
| 5.00% | $41,580,194 | $433,127 | 25.8% |
| 5.25% | $39,600,185 | $412,502 | 19.9% |
| 5.50% | $37,800,176 | $393,752 | 14.4% |
Breakeven Analysis
| Acquisition Close | Q2 2026 |
| Pre-Construction | May–Jul 2026 |
| Construction Start | August 2026 |
| Construction Complete | February 2028 (18 months) |
| Lease-up & Stabilization | April 2028 (Month 20) |
| Target Exit / Refinance | Year 5 (2032) |
| Total Hold Period | ~5–6 years |
Sensitivity Analysis
Exit Valuation by Cap Rate
Yield on Cost by Rent Scenario
Profit by Construction Cost Scenario
| Risk Category | Assessment | Mitigation |
|---|---|---|
| Entitlement Risk | ELIMINATED | Approved, vested, permits filed |
| Environmental Risk | MINIMAL | Clean Phase I ESA; MND adopted |
| Construction Risk | STANDARD | 2-story wood frame; contingency in budget |
| Market Risk | FAVORABLE | Contracting supply; high absorption |
| Financing Risk | MODERATE | Improving rate environment |
| Exit Risk | LOW | Institutional-quality asset |
07 — Process & Next Steps
Execution Path
Qualified developers and investors are invited to evaluate this opportunity. The following outlines the indicative acquisition process.
1. Initial Review
Review OM, execute NDA/CA, access data room
1–2 weeks
2. Property Tour
Site visit and plan set walk-through with listing agents
By appointment
3. Letter of Intent
Submit non-binding LOI with price, terms, timeline, proof of funds
2–3 weeks
4. Due Diligence
Full data room access; buyer inspections and entitlement verification
30–45 days
5. Closing
Standard land purchase documentation
Per PSA
Entitlement & Approvals
PEN22-0029 COAs, Resolution 2023-14, Building Permits, CEQA MND (109 pp)
Technical Reports
Phase I ESA, Geotech, WQMP/SWPPP/Traffic, Air Quality/Bio/Cultural
Plans & Design
Full Arch Set (McHale), Structural/MEP/Civil, Landscape V9, 10 Hi-Res Renderings
Market & Financial
TCG Market Study (71 pp, Jun 2023), Pro Forma (Jan 2026), Appraisal (Jul 2021)
Contact the Listing Team
Fairbrook Communities
08 — Disclaimers
Important Notice
This memorandum contains forward-looking statements regarding projected rents, operating expenses, construction costs, and investment returns. These projections are subject to significant uncertainty. Actual results may differ materially.
This Offering Memorandum has been prepared by Fairbrook Communities for informational purposes only and is not a substitute for independent due diligence.
This document does not constitute an offer to sell or a solicitation of an offer to buy any security or real property interest.
This Offering Memorandum is confidential. By accepting it, the recipient agrees not to reproduce or distribute its contents without prior written consent of Fairbrook Communities.
Prepared by Fairbrook Communities · February 2026 · Sources: SDC Flamingo Bay MV LLC Pro Forma (Jan 15, 2026), The Concord Group Market Study (Jun 2023), Kidder Mathews Q3 2025, Matthews Q1 2025, CBRE Jan 2026, Phase I ESA (May 2021), CEQA MND (Mar 2023), City of Moreno Valley PEN22-0029 COAs (Apr 2023).
Fairbrook Communities
Flamingo Bay Apartments
96 Units · Moreno Valley, California · Shovel-Ready
Confidential · Fairbrook Communities