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RIVERSIDE, CA-A Los Altos, Calif.-based private investor bought the 36-unit Courtyard Apartments at 10036 Gould Ave. in Riverside from Woodman Realty Inc. of Los Angeles for $2.388 million.

The property consists of half one-bedroom and half two-bedroom units, was built in 1987, and was later renovated by the seller, Paul Runkle of Hendricks & Partners tells GlobeSt.com. Runkle represented the seller, while Mark Feldman of Hendricks & Partners represented the buyer.

The sales price was “fairly aggressive for this market,” according to Runkle, who says land for developing new apartments “is getting a bit tougher to find” in Riverside, which is one of the Inland Empire’s older cities and has less vacant land than other parts of Riverside and San Bernardino counties.

Apartment construction is picking up in the Inland Empire, however, according to the latest report from Hendricks & Partners. The nubmer of new units scheduled to be built for the rest of 2002 includes over 1,000 in Southwest Riverside County. For 2003, nearly 2,200 additional units are expected to be completed in Rancho Cucamonga, along with 700 units in Loma Linda and over 500 in Southwest Riverside County, the report said.

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