The property, known as Kendall Palms, stands at 3943 North H St. The buyer, Ernesto Chavez of Norwalk, has paid $1.3 million for the complex.
Chavez was represented by Alex Mogharebi of the Ontario office of Marcus & Millichap Real Estate Investment Brokerage Co. Mogharebi also acted on behalf of the seller, William Wingo.
San Bernardino's multifamily product continues to garner investor interest, as the region's steady rise in population and low unemployment rates provide a stable base of tenants for the area's apartment complexes. The county continues to experience a decline in unemployment levels, even as other parts of the nation are still struggling to recover from last year's recession.
San Bernardino's unemployment level decreased 0.1% in March 2002, according to statistics released by the State of California Employment Development Department. The region's unemployment rate dropped from 5.2% in February to 5.1% in March. According to the recently published report, the San Bernardino region has a labor force of 839,900 and counted 797,100 people as employed in March.
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