IE Business Daily Business news for the Inland Empire.
A Class A apartment community in Temecula has been sold.
The Vineyards at Paseo Del Sol, a 288-unit complex at 31901 Campanula Way, sold for nearly $70 million to The Praedium Group, a real estate investment group based in New York, according to a statement.
CBRE Capital Markets represented The Praedium Group, which buys middle-market properties that are not performing up to expectations, according to the company’s website.
Paul Runkle, senior vice president with CBRE Ontario and a member of the office’s major account group, was part of the team that represented the seller, The Dinerstein Cos. in Houston, Texas.
The Vineyards at El Paseo was finished last year and is about 87 percent leased. It’s near Temecula Valley Hospital and an estimated one million square feet shop, restaurants and other retail entities, according to the statement.
