19 hours ago
- Business
- Los Angeles Times
Redlands Apartments Acquired for $148 Million
New York-based investment firm Sentinel Real Estate Corp. acquired The Venue at Orange, a newly built, 328-unit apartment complex in Redlands, for $148.4 million, or $452,000 per unit. The property was sold by Oceanside-based LuxView Properties in a transaction brokered by Institutional Property Advisors, a division of Marcus & Millichap.
'Completed in 2023, The Venue at Orange is a stabilized, best-in-class multifamily asset that achieved a swift and successful lease-up to a tenant base with an average annual household income of $135,000,' said Chris Zorbas, IPA executive managing director of investments.
The Venue at Orange comprises seven three-story buildings with gated access and resort-style amenities, including a full-size swimming pool and spa, fitness center, co-working spaces, lounge and outdoor barbecue area. Apartment interiors have nine-foot ceilings, stainless-steel appliances, quartz countertops, walk-in closets and a private patio or balcony. The property is situated near major retail and employers, including Brookside Plaza, Downtown Redlands, Loma Linda Hospital, Loma Linda University, Amazon, Costway, Clorox and AutoZone.
'Affluent renters are increasingly drawn to the high quality of life in the Redlands. High single-family home values, rising interest rates and demand for low-density living have created ideal conditions for rent growth, low vacancy and healthy multifamily operations,' added Kevin Green, IPA executive managing director of investments. 'The Venue at Orange is the first high-quality, stabilized multifamily asset to trade hands in the Inland Empire since 2021.'
Information for this article was sourced from Institutional Property Advisors.
