Known as Virginia Village, the complex stands at 501 E. Virginia Way. It contains 144 units, which consist of 36 one-bedroom, one-bath units that encompass 641 sf, 72 two-bedroom, two-bath units that encompass 802 sf and 36 three-bedroom, two-bath units that encompass 935 sf.

Both the buyer and the seller were represented by Alex Mogharebi of the Ontario office of Marcus & Millichap Real Estate Investment Brokerage Co.

The deal is the latest in a string of Inland Empire multifamily transactions, as the region continues to be a hotspot for apartment sales. According to a recent report by Marcus & Millichap, "investors have taken notice of the Inland Empire, as prices are much lower than other counties, yet the market has better potential in terms of growth." The report points out that the average price per unit has jumped an additional 9% in 2002, while the average cap rate has declined to 8.8% this year from 9% at the end of 2001.