First Inland Empire Multifamily Sale Since 2021 Valued at $148 Million

Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional clients, announced the sale of The Venue at Orange, a newly constructed 328-unit multifamily community in Redlands, California, for $148.4 million. This sale price translates to approximately $452,439 per unit. Completed in 2023, The Venue at Orange is a stabilized, top-tier residential property that quickly reached full occupancy with tenants averaging an annual household income of $135,000. "Affluent renters are increasingly attracted to Redlands' high quality of life," stated Chris Zorbas, IPA's Executive Managing Director of Investments. "The area's strong demographics, coupled with rising single-family home values, increased interest rates, and demand for low-density living, create favorable conditions for rent growth, low vacancy rates, and robust property performance," added Kevin Green, IPA's Executive Managing Director. Zorbas, Green, along with IPA team members Joseph Grabiec, Kyle Pinkalla, Alexander Garcia Jr., and Gregory Harris, represented the seller and developer, LuxView Properties, and facilitated the transaction with buyer Sentinel Real Estate Corporati...