The property, which is in the Mission Grove region of Riverside, was built in 2000 and was 95% occupied at sale time. Its 208 units, which stand on a 12-acre parcel, include 104 one-bedroom, one-bath units and 104 two-bedroom, two-bath units. The apartments range from approximately 680 sf to 1,000 sf and rent for $950 to $1,275 per month.

Both the buyer and the seller were represented by Sean Deasy of the Ontario office of CB Richard Ellis Inc. GMAC Commercial Mortgage provided the financing in a deal arranged by Eric Flyckt, a GMAC vice president. Davlyn, headed by Jon Williams and Paul Kerr, owns and operates apartment complexes in Southern California and also operates a property management division.

The Riverside complex features a gated entry, fitness center, tenant business center, resort-style pool and spa, individual garages and carports, washers and dryers in the units, private patios and balconies, and what the buyers describe as "a host of institutional-grade amenities."

The Estancia is near Alessandro and Van Buren boulevards, both major thoroughfares in Riverside, and close to the Mission Grove Plaza and other amenities. The apartment complex joins a number of other new, institutional-quality complexes that have been built in the Inland Empire in recent years--as well as others that are under way. Builders and brokers say the demand for higher-quality apartment projects has been boosted by changing demographics that have drawn more people with better-paying jobs into the Inland Empire. Rising prices for single-family homes have boosted the apartment market too as rents become more competitive with mortgage payments.