The 96-unit complex, known as Pinewood Apartments, is located at 222 E. 17th St. It was 90% occupied at the time of sale.

Both the buyer, Thrifty Property Management, and the seller, Golden Dell Enterprises, were represented by Alex Mogharebi in the Ontario office of Marcus & Millichap Real Estate Investment Brokerage Co.

With its steady rise in population and relatively low unemployment rates, San Bernardino continues to boast a large base of multifamily tenants. Employment in the region is actually on the rise, despite the weakened economy.

San Bernardino's unemployment level decreased 0.2% in February 2002, according to new statistics released by the State of California Employment Development Department. The region's unemployment rate dropped from 5.3% in January to 5.1% in February. According to the recently published report, the San Bernardino region has a labor force of 835,800 people and counted 42,500 employees as out of work in February.