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NEWPORT BEACH, CA-A locally based limited liability company has sold an apartment community in Temecula for $18 million, as the Inland Empire multifamily market continues to sizzle. The 220-unit multifamily complex, known as Vintage View, is located at 29500 Mira Loma Dr.

The seller, CTF-6 Vintage View LLC by CT California Fund LLC of Newport Beach, was represented by Paul Runkle and Margie Molloy of Hendricks & Partners’ Inland Empire office.

According to local experts, demand is setting the Inland Empire market on fire. It is being driven mainly by strong population and job growth, which the area continues to experience despite a weakening national economy. Rents are expected to rise as the year progresses, since new supply will be unable to meet the high level of demand. The Inland Empire is ranked as one of the top 10 tightest multifamily markets in the nation, according to a report released earlier this summer by Grubb & Ellis.

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