Sentinel Buys Inland Empire Community for $148M
Developer LuxView Properties sold the asset.
Sentinel Real Estate Corp. has acquired The Venue at Orange, a 328-unit community in Redlands, Calif., from developer LuxView Properties. The company paid $148.4 million for the asset, or the equivalent of $452,439 per unit.
Institutional Property Advisors brokered the deal on behalf of the seller and procured the buyer.
The previous owner completed the property in 2023 with the aid of a $66.8 million construction loan provided by Principal Financial Group, which is set to mature in 2026, according to Yardi Matrix information.
In the first seven months of this year, the Inland Empire multifamily market saw $172.9 million in investment sales, with seven assets trading at an average per-unit price of $268,536, the same data provider shows. While the total amount is lower than the $183.6 million registered during the same period in 2024, this year’s price per unit is higher by $25,000.
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As of June, the national average advertised asking rent increased by $3 to $1,749 during the month and was up 0.9 percent year-over-year, according to the latest Yardi Matrix multifamily report. Meanwhile, Inland Empire’s figure marked a slight uptick of 0.1 percent over a 12-month period.
An Inland Empire luxury community
The property comprises seven three-story buildings across a 22-acre site. The unit mix consists of one-, two- and three-bedroom floorplans, ranging from 674 to 1,297 square feet. Shared amenities include a full-size swimming pool, a spa, a fitness center, co-working spaces and an outdoor barbecue area.
Located at 1610 Orange Ave., the residential community has access to Interstate 10 and U.S. Road 210, as well as several retail centers, including Brookside Plaza and Citrus Plaza. The Redlands-Esri train station on the SB Line is less than 2 miles away, connecting the area to San Bernadino, some 10 miles northwest. Los Angeles is 62 miles west.
Institutional Property Advisors Executive Managing Directors Chris Zorbas, Kevin Green, Joseph Grabiec, Gregory Harris and Alexander Garcia Jr., together with Senior Vice President Kyle Pinkalla, arranged the sale on behalf the seller and procured the buyer.
