TEMECULA, CA—CBRE Capital Markets has arranged the sale and financing of The Vineyards at Paseo Del Sol, a 288-unit, class A apartment community here, to The Praedium Group for $69.65 million.
Curtis Palmer and Peter Sherman of CBRE's Beverly Hills office, along with Paul Runkle of CBRE's Ontario office represented the seller, The Dinerstein Companies.
“This is a landmark transaction for the Temecula area,” said Palmer. “The Vineyards is located in a thriving area with an estimated 2015 average annual household income of nearly $99,000. Its limited development pipeline, strong rental market fundamentals, outstanding schools and diverse growing employment base create a highly desirable submarket for the institutional multifamily investor.”
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
