Sale of Parkview Terrace in Popular South California Market
Cushman & Wakefield, as exclusive agents, offered for sale Parkview Terrace, comprising 558 apartment homes on 32.5 acres adjacent to a 10-acre park in an extremely low-density, amenity-rich environment. Originally constructed in 1987, the property had been extensively renovated in 2008.
As a part of the Inland Empire region of Southern California, the property benefits from its location in the 14th largest metropolitan area in the nation. Recognized as one of the fastest-growing populations and economies during the past decade, the Inland Empire's position as a central hub for logistics related to international trade and as a leader in healthcare and education industries, will again result in strong long-term job growth. The City of Redlands has an average household income of $84,000, presenting a compelling potential for significant retail rate growth, as the current inventory in the Inland Empire market is absorbed and the regional economy improves.
Parkview Terrace was sold to a San Francisco-based private investment company.