Institutional Property Advisors (IPA), a division of Marcus & Millichap dedicated to serving the company’s institutional clients, closed the $148.4-million sale of The Venue at Orange, a newly built, 328-unit multifamily property in Redlands. With a sales price equating to $452,439 per unit, “The Venue at Orange is the first high-quality, stabilized multifamily asset to trade hands in the Inland Empire since 2021,” said Kevin Green, IPA executive managing director investments.
“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 investments.
Zorbas, Green, and IPA’s Joseph Grabiec, Kyle Pinkalla, Alexander Garcia Jr., and Gregory Harris represented the seller and developer of the property, LuxView Properties, and procured the buyer, Sentinel Real Estate Corporation. As previously reported, Sentinel owns five properties in Southern California.
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