Alex Mogharebi of Marcus & Millichap's Ontario office represented the buyer and the seller of the complex, which was built in 1984. The 95%-occupied Parkside is a one-building, two-story, walk-up complex of wood frame and stucco construction. There are 110 two-bedroom, one-bath apartments and 10 two-bedroom, two-bath units. The units range from 750 sf to 850 sf and rent for $795 to $850 per month.

The deal reflects the continued momentum in the Inland Empire apartment market, which includes Moreno Valley. The Inland Empire market, which is composed of Riverside and San Bernardino counties, is "a hotbed of investment activity," according to a recent Marcus & Millichap study. The firm's recent survey of apartment markets throughout the United States ranked the Inland Empire first in the brokerage firm's annual study of apartment markets nationwide.

The report showed a slight uptick in the overall vacancy throughout the market, but buyers continue to be attracted to the region's population and employment growth plus its relatively affordable property prices.