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LOS ANGELES-Locally based HK Realty has acquired a 102-unit apartment complex in San Bernardino, as the Inland Empire’s multifamily market continues to heat up.

The property, which consists of seven buildings, was acquired for $2.7 million. Built in 1983, it is located at 369 E. Rialto Ave. The complex, known as Arbor Apartments, was 95% occupied at the time of sale.

HK Realty was represented by Alex Garcia of Marcus & Millichap’s Ontario office. The seller, Vista-based Land Trek Property Management, was represented by Doug Froehlke, also of Marcus & Millichap’s Ontario office.

Multifamily property remains in high demand in the Inland Empire, as San Bernardino County and Riverside County are two of California’s fastest-growing regions. Rents in the area should grow about 8% over the next 12 months, some brokerage reports say, roughly three times faster than the overall inflation rate.

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