The property, Jefferson Point, stands at 3742-3758 Jefferson. It contains 46 units.
The seller, Doug Wetton of Corona del Mar, was represented by Alex Mogharebi of the Ontario office of Marcus & Millichap Real Estate Investment Brokerage Co. Mogharebi also acted on behalf of the buyer, Santa Fe Springs-based Phil Presicci.
Investors continue to gobble up apartment product in Riverside, as the county's steady rise in population and low unemployment rates provide a stable base of tenants for the region's multifamily complexes. Riverside 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.
The unemployment level in Riverside decreased 0.1% in April 2002, according to new statistics compiled by the State of California Employment Development Department. The region's unemployment rate dropped from 5.3% in March to 5.2% in April.
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