Known as Spanish Oaks, the three-building property is located at 8395 Magnolia Ave. The 46-unit apartment complex was 95% occupied at the time of sale.
The buyer, McSpanish Oaks LLC, was represented by John Kalmikov and Bill Roblero of Grubb & Ellis' Ontario office. The seller, Los Angeles-based Cal State Investment Ltd., was represented in-house.
Multifamily investors continue to look favorably on the Inland Empire apartment market, as this area was the fastest growing region of Southern California during 2001. The tenant base is expected to stay fairly steady in the months ahead, as population growth in the area remains healthy.
In fact, industry experts predict that the area will lead the state in new housing units over the near term. "It is one of the few areas ripe for more housing," according to a recent report by Grubb & Ellis Co. "By the year 2030, a phenomenal 7 million people will inhabit the ever-growing Inland Empire," the report points out.
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