Inland Empire Apartment Community Sells for $148 Million

A recently built Inland Empire apartment community has a new owner after a nearly $150 million sale.

New York-based Sentinel Real Estate Corporation bought The Venue at Orange complex for $148.4 million, L.A. Business First reported. The seller was San Diego-based LuxView Properties, which developed the property in 2023. The sale price works out to about $452,400 per unit.

Institutional Property Advisors, a division of Marcus & Millichap, facilitated the sale, with brokers Chris Zorbas, Kevin Green, Joseph Grabiec, Kyle Pinkalla, Alexander Garcia Jr. and Gregory Harris representing LuxView Properties in the deal.

Following its opening in 2023, The Venue at Orange saw a “swift and successful lease-up” with tenants having an average annual household income of $135,000, Zorbas said in a statement, per Yield PRO.

“Affluent renters are increasingly drawn to the high quality of life in the Redlands,” Green added. “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.” He noted that The Venue at Orange is the first “high-quality, stabilized multifamily asset to trade hands in the Inland Empire since 2021.”

LuxView develops multifamily and single-family properties throughout Southern California. Most of its holdings are in the San Diego region, though in Greater Los Angeles the firm undertook an interior and exterior renovation at 3755 Inglewood Boulevard in Mar Vista.

New York-based Sentinel Real Estate has nearly 140 properties in its portfolio. In SoCal, Sentinel owns the Cascades Apartments in Anaheim; the Antelope Ridge Apartments in Menifee; the Hills of Valencia Apartments in Valencia; the Foothills at Old Town Apartments in Temecula; and the Barton Vineyards Apartments on Orange Avenue in Redlands.

The Venue at Orange is located a mile east of the Barton Vineyards Apartments at 1610 Orange Avenue. The property offers one-, two- and three-bedroom units starting at $2,404 per month, according to the complex’s website.

— Chris Malone Méndez