The Citrus Gardens apartment complex has been acquired for $10.4 million. The seller, Ishino Real Estate, paid $7.2 million for the property when it purchased the complex two years ago. The site, which stands at 8600 Citrus Ave., was 98% occupied at the time of the sale.

Ishino Real Estate was represented by John Kalmikov and Bill Roblero of Grubb & Ellis' Ontario office. The two also negotiated for the buyer, LA-based investment firm Oracle Communities Corp.p>The deal follows on the heels of an announcement by Irvine-based developer Sares-Regis Group that it will build a 272-unit apartment complex in Rancho Cucamonga. The $37 million development, known as Camino Real, will rise on a 20-acre parcel that Sares-Regis purchased in May. Ground-breaking on the project is slated for October.

The Inland Empire's apartment market has been heating up in recent months, as demand for multifamily product exceeded 2,500 units last year. The region has been named one of the top 10 tightest multifamily markets in the nation, according to a recent report published by Grubb & Ellis.