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July 18, 2019
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Prism Multifamily Group Finances Palm Springs Apartment Buy with $10.8 Mil Fannie Mae Loan


Prism Multifamily Group recently acquired Latitude 33, a 121-unit, Class A multifamily property in downtown Palm Springs. Latitude 33 holds significance for Palm Springs, which is home to only nine market-rate apartment communities with 100 or more units each, making for an important investment in a supply-constrained market.

The price was not disclosed, although the purchase was financed with a $10.8 mil acquisition loan provided by Walker & Dunlop Inc. The asset was sold by Huffman Properties, who acquired the property – then known as Whispering Palms Apartments -- from City Center Real Estate in early 2015 for around $6.8 mil ($56.2k/unit).

Built in 1965, Latitude 33 is located at at 449 E. Arenas Rd, just east of Palm Canyon Dr. It operates under a 99-year ground lease that is regulated by the United States Department of the Interior Bureau of Indian Affairs. The property underwent a comprehensive renovation and repositioning in 2016, under Huffman’s ownership.

Latitude 33 features lavish amenities such as a resort-style swimming pool, grilling stations, and a private courtyard with shade sails. It is ideally situated just steps from restaurants, nightlife, and entertainment in Palm Springs.

Walker & Dunlop’s Alison Williams, Mark Grace, and Matt Baldwin oversaw the Fannie Mae financing transaction on behalf of the buyer.

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