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MORENO VALLEY, CALIF. — The Praedium Group has purchased the 394-unit Villas at Towngate Apartments in Moreno Valley for $68.5 million. The community is located at 13120 Day St.
Towngate was built in 2006. Notable employers in the area include Proctor & Gamble, Deckers Outdoor, Phillips Electonics and Walgreens. Amazon recently opened a 2 million-square-foot fulfillment center in the area, while Skechers debuted a 1.8 million-square-foot center in 2012.
A 40.6 million-square-foot World Logistics Center was also recently approved within the city. It is the largest single project in California, and estimated to add 20,000 permanent jobs with an annual economic impact of $2.5 billion.