Neves has sold the property to another private investor, Deepak Israni of San Diego. Known as Ironwood Villas, the complex contains 47 units. It stands at 23145 Ironwood Ave.
Alex Mogharebi of the Ontario office of Marcus & Millichap Investment Brokerage Co. acted on behalf of both Neves and Israni.
The deal follows on the heels of another multifamily transaction in the Riverside Valley, in which a 46-unit apartment complex traded hands. The buyer, Phil Presicci of Santa Fe Springs, paid $2.3 million for the property, Jefferson Point. Sold by Corona del Mar-based Doug Wetton, the complex is located at 3742-3758 Jefferson.
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.
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