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Multifamily Complex Sells for $6.1 Mil

SAN BERNARDINO, CA-Individual investor Scott E. Clifton acquires 232-unit complex here, the latest in a string of local apartment sales. Brokers say rents in the area could climb 8% or more over the next year, as construction continues to lag demand.

By David W. Myers | Updated on October 16, 2001

SAN BERNARDINO, CA-A private investor has paid $6.1 million for a large apartment complex in San Bernardino, continuing a string of multifamily transactions in the Inland Empire that began several weeks ago.

The development has 232 units. Part of the large complex fronts the 800 block of Lugo Ave., while the other part faces the 2800 block of Miramonte Dr.

The buyer is Scott E. Clifton, an individual investor who lives in San Diego. Udi Katz of Multi-Housing Realty represented both Clifton and the seller, San Diego-based Miramonte and Equity Alliance.

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