The complex, which is known as Vista Hills Apartments, is located at 128 Hill Drive. Built in 1978, the facility was 97% occupied at the time of sale.
Reza Ghaffari of Marcus & Millichap's Ontario office represented the buyer and the seller. Multifamily properties continue to be a favorite with investors across Southern California, as the dearth of buildable lots and the increase in population have kept vacancy levels low and rents high.
Demand for multifamily property continues unabated, as even the shaky economy has had little negative effect on the apartment sector. When the market is turbulent, investors tend to favor the more stable nature of apartments versus other asset types, according to local real estate experts.
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