Sentinel Real Estate Corp. has acquired The Venue at Orange, a newly built, 328-unit multifamily property in Redlands, Calif., for $148.4 million. The sales price equates to $452,439 per unit.
Institutional Property Advisors (IPA), a division of Marcus & Millichap dedicated to serving the company’s institutional clients, represented the seller and developer of the property, LuxView Properties, and procured the buyer.
“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, executive managing director investments at IPA.
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. The property also benefits from connectivity to Interstate 10, State Route 210/Foothill
