"There are not many on the market, and there is not much new construction," Katz tells GlobeSt.com. "The market is as tight as I have seen it in my 15 years here."Katz, who specializes in Inland Empire apartment properties, tells GlobeSt.com that strong demand from investors continues to push prices up and cap rates down in the Inland Empire.

"But the buyers are getting in at very low interest rates," he says, "so the properties still cash-flow."

Hillside Park is an 11-building complex of wood frame stucco with flat composition roofing that was built in 1980 and was 96% occupied at the time of the sale. It includes 132 one-bedroom units of about 500 sf average and 45 two-bedrooms of about 700 sf average. Rents average about $495 for the one-bedrooms and $595 for the two-bedrooms. Rents are "slightly below market," according to Katz.