The Praedium Group Expands Inland Empire Holdings

The New York City-based real estate investment firm acquired Lasselle Place, a 15-building rental community located in Moreno Valley.

Lasselle Place

Lasselle Place, an apartment community in the heart of the Inland Empire, has changed ownership. The Praedium Group, a New York City-based real estate investment firm, acquired the 14-year-old Moreno Valley, Calif. property, which features 304 rental units across 15 two- and three-story residential buildings.

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Apartments are offered in one-, two- and three-bedroom floor plans, and range in size from 686 to 1,202 square feet. Large walk-in closets, granite kitchen countertops and in-unit washers and dryers highlight the array of apartment features and finishes. A fitness center tops the list of the most notable amenities at Lasselle Place. The community is currently 94.7 percent occupied, according to Yardi Matrix.

Rapid Expansion

Moreno Valley’s size and rapid growth are among the attractive features that solidified Lasselle Place as an appealing acquisition target. The city’s population stands at more than 200,000, which places it as second largest in Riverside County. It has a growth rate of five percent, placing it squarely on the list of the region’s fastest-growing cities.

Lasselle Place attracts residents seeking accessibility to commuting thoroughfares, including State Road 60 and Interstate-215. The Moreno Valley Metrolink delivers access to more than one million jobs within a radius of 30 miles.

The Inland Empire enjoys a growing and increasingly diverse economy, dominated by a particularly strong logistics presence. A number of Fortune 500 companies have shown interest in Moreno Valley industrial and office space. Proof of demonstrated job growth in the area is the number of corporate expansions and relocations across the region. Major employers include Amazon, Proctor & Gamble and Sketchers.

Nearby medical centers

The apartment community is among the rental properties nearest Moreno Valley’s two primary medical centers.

Kaiser Permanente Medical Center and Riverside University Health System Medical Center, which collectively provide access to more than 4,000 jobs, are each within a two-mile commute to Lasselle Place. Another major employer, March Air Reserve Base, is within a 15-minute drive of the apartment community.

Outdoor recreation amenities are readily accessible, with Lake Perris State Recreation Area, Mystic Lake and Upland Game Hunting Area all situated within a short drive.

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