March 10, 2016 Comments Off on Praedium Acquires Moreno Valley Asset for $68.5M Views: 481 California News, Inland Empire, West

Praedium Acquires Moreno Valley Asset for $68.5M

New York City-based The Praedium Group acquired the Villas at Towngate Apartments in Moreno Valley for $68.5 million from Watermarke Properties. The 394-unit multifamily property was constructed in 2006, and consists of 13 two- and three-story buildings spread across nearly 20 acres.

The region’s recent job growth compelled the real estate investment firm to buy the asset . The Inland Empire is home to several Fortune 500 Companies, and the Moreno Valley’s employers include Proctor & Gamble, Amazon, Skechers USA, Deckers Outdoor, Phillips Electronics, and Walgreens.

Recently opened new warehouses and distribution centers in the area are creating new jobs, and helping to stimulate the local economy.

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