Sentinel Real Estate Pays $148M for Multifamily Asset in Affluent Inland Empire Area
Sentinel Real Estate Corp. has agreed to buy the multifamily community Venue at Orange in Redlands, California, for $148.4 million.
Institutional Property Advisors, which arranged the sale on behalf of LuxView Properties, noted that the asset stands out for its "high-quality" and "stabilized" fundamentals. The broker said that this was the first of this kind to trade to occur in the Inland Empire since 2021.
The seven-building property consists of 328 total units, with the inside of each apartment featuring a private patio or balcony, quartz countertops, walk-in closets and stainless steel appliances. Property amenities include a fitness center, coworking spaces, a pool and spa, a lounge and outdoor barbecue space.
Chris Zorbas, executive managing director of investments for the IPA, noted that tenants in the building hold an annual median household income of $135,000.
"Affluent renters are increasingly drawn to the high quality of life in the Redlands," Kevin Green, executive managing director of investments for IPA, said 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."
Venue is within proximity to notable employers and retail brands, including Amazon, AutoZone, Costway, Brookside Plaza, Downtown Redlands and Clorox.
Normally, the summer is peak season for moving activity. However, 2025 appears to be dying that historical norm. A July Apartment List report found that rents were flat month-over-month at $1,402 and down 0.8 percent year-over-year. Apartment List noted that this could be due to a decline in consumer confidence as uncertainties in the economy remain over trade policy.
Source: GlobeSt/ALM