RK Properties grabs California apartment complex

Long Beach, Calif.-based RK Properties has purchased Sierra Vista Apartments, a 166-unit complex in Loma Linda, Calif., for $12.3 million. Irvine, Calif.-based Village Investment was the seller. The Ontario, Calif., office of Marcus & Millichap Real Estate Investment Brokerage Co. represented both the buyer and seller. The complex was 95% occupied at the time of the sale.

Completed in 1985, Sierra Vista features one- and two-bedroom units ranging from 660 sq. ft. to 895 sq. ft. Monthly rents range from $650 to $775. Amenities include a pool, tennis courts, a volleyball court and a fitness center.