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SAN BERNARDINO, CA-A private investor has paid $6.1 million for a large apartment complex in San Bernardino, continuing a string of multifamily transactions in the Inland Empire that began several weeks ago.

The development has 232 units. Part of the large complex fronts the 800 block of Lugo Ave., while the other part faces the 2800 block of Miramonte Dr.

The buyer is Scott E. Clifton, an individual investor who lives in San Diego. Udi Katz of Multi-Housing Realty represented both Clifton and the seller, San Diego-based Miramonte and Equity Alliance.

A number of relatively large apartment complexes has recently been sold in San Bernardino, which the US Census Bureau says is one of the five fastest-growing areas of California. Just last week, privately held HK Realty of Los Angeles said it has paid $2.7 million for a 102-unit complex at 369 E. Rialto Ave., not far away from the development purchased by investor Clifton.

Construction in the area hasn’t kept pace with demand created by the growing population. Rents in San Bernardino 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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