IE Business Daily Business news for the Inland Empire.
A 328-unit multifamily development in Redlands has been sold for $148.4 million.
The Venue at Orange was sold by LuxView Properties in San Diego to Sentinel Real Estate Corp. in Australia, according to Institutional Property Advisors, a division of Marcus & Millichap.
LuxView developed the project, which was completed two years ago. The sale price works out to more than $452,000 per unit.
Venue at Orange’s average tenant income is $135,000 per year.
“Affluent renters are increasingly drawn to the high quality of life in Redlands,” said Kevin Green Institutional Property’s executive managing director of investment, in a statement. “Strong demographics, and the confluence of 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.”
The property is near Brookside Plaza, downtown Redlands, Loma Linda Hospital, and Loma Linda University and several major retailers, according to the statement.
