According to Douglas Froehlke of Marcus & Millichap in Ontario, who brokered the deal, the buyer is a Southern California-based private investor who bought the property in a 1031 exchange. The sales price represents $59,677 per unit, or $105 per sf.

Froehlke says the transaction illustrates the Inland Empire's sustained growth in the midst of a slow economy. Average rents in the area have increased 8.1% during the past two years. With 20,000 acres of dairy land expected to be annexed to the city in the next 10 years and a projected population increase of 30,000, he says, the Chino apartment property has "tremendous potential" to increase in value.

The Villa Serena apartments are at 11401 Central Ave. in downtown Chino, just north of the 60 Freeway. The garden-style complex, built in 1987 consists of 105,840 rentable sf on 4.74 acres. The unit mix includes 132 one-bedroom, one-bath units and 54 two-bedroom, one-bath apartments. Features include a clubhouse, an entertainment lounge, a kitchen, a library, shuffleboard and a jacuzzi. At the time of the sale, occupancy was 97%.