The transaction is the largest apartment sale ever in the Inland Empire, according to Curtis S. Gardner and Craig P. Chiappone of investment advisers Arroyo & Coates of San Francisco, which handled both sides of the transaction. Gardner tells GlobeSt.com that the next largest deal was for $55 million last February.

Located at 9200 Milliken Ave., Jefferson is one of the more luxurious in the Inland Empire. "You name it, this property has it," in terms of amenities, Gardner says.

The property includes 12 buildings of two and three stories, plus a clubhouse, and is constructed of wood frame and stucco in walk-up style buildings. It includes 240 one-bedroom units, 239 two-bedroom units, and 42 three-bedroom units. The apartments average 935 sf and are being rented at an average of $1.51 per sf.

The complex, which occupies the northwest corner of Milliken Avenue and Sixth Street, features a large resort style pool and spa, private cabanas and poolside misters, a putting green, a bocce ball court and a sand volleyball court. Inside, the units feature Berber carpeting, expansive glassed areas for natural lighting, nine-foot ceilings, crown molding in dining and living rooms, full size washers and dryers in all units, walk-in closets and pantries, ceiling fans, and pre-wiring for cable television and high-speed internet access. The clubhouse includes a movie theater, an executive business center and a fitness center.