Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the $148.4 million sale of The Venue at Orange. This newly built, 328-unit multifamily property is located in Redlands, California.
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. This transaction is the first high-quality, stabilized multifamily asset to trade hands in the Inland Empire since 2021.
Strong demographics, high single-family home values, and demand for low-density living have created ideal conditions for rent growth and low vacancy in the Redlands. The property's resort-style amenities and modern interiors further enhance its appeal to affluent renters.
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