Riverside-based Palm Central Partners has acquired the property, which was fully occupied at the time of sale. The 76-unit complex, Parkview Manor, stands at 1211 W. 6th St. in Corona. Amenities here include a Jacuzzi and a swimming pool.
Palm Central Partners was represented by Reza Ghaffari and Roger Lee of the Ontario office of Marcus & Millichap Real Estate Investment Brokerage Co. Ghaffari and Lee also acted on behalf of the seller, Ming Hsiung.
Several apartment properties have traded hands in Riverside in recent weeks, as investors continue to snatch up multifamily product here. The county's apartment market is holding steady, as the region's rise in population and low unemployment rates provide a stable base of tenants for the multifamily complexes here. 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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