March 10, 2016
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.