**IPA Closes $148.4 Million Sale of The Venue at Orange Apartments in Redlands**
Institutional Property Advisors (IPA), a division of Marcus & Millichap that specializes in serving institutional clients, has announced the successful closing of a $148.4 million sale of The Venue at Orange, a newly constructed 328-unit multifamily property located in Redlands, California.
The sale price equates to approximately $452,439 per unit, making The Venue at Orange the first high-quality, stabilized multifamily asset to change hands in the Inland Empire since 2021, according to Kevin Green, Executive Managing Director of Investments at IPA.
“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, also an Executive Managing Director of Investments at IPA.
The IPA team of Zorbas, Green, Joseph Grabiec, Kyle Pinkalla, Alexander Garcia Jr., and Gregory Harris represented both the seller and developer, LuxView Properties, and procured the buyer, Sentinel Real Estate Corporation. Sentinel currently owns five multifamily properties in Southern California.
The transaction highlights the ongoing investor appetite for premium multifamily assets in the Inland Empire and reinforces IPA’s role as a leader in high-value multifamily investment sales.
