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December 6, 2019
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INLAND EMPIRE NEWS
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Largest Apartment Complex in Joshua Tree, CA Sells for $6.5 Mil

9/25/19

Quail Springs Village, a 75-unit multifamily property in Joshua Tree, CA, sold for $6.5 mil, or $87k/unit. The buyer was Pro Residential, a Los Angeles-based multifamily investment and property management firm.

Located at 62220 Verena Rd, Quail Springs Village features all two-bedroom/two-bathroom units. It is the largest apartment community in the Joshua Tree submarket, roughly 125 miles directly east of downtown Los Angeles, in San Bernardino County.

Cray A. Carlson and Kevin Sin of CBRE represented the buyer in the transaction. According to Sin, the asset offers a huge upside,as there is room for a large rent increase and for the new buyer to drastically reduce expenses.

Added Carlson, “Quail Springs Village is the largest multifamily property to close in the Morongo Basin area ever, and it is the only non-affordable property over 50 units to sell.”
The seller, Susan Highland, was also represented by Carlson and Sin.

The Inland Empire (IE) Multifamily market has remained healthy this year and San Bernardino is an area that has benefited from the continued strong performance. San Bernardino outperforms the rent growth performance, compared to other submarkets in the IE. In Q2 2019, the rentable inventory was 15,975 with a 2.6% vacancy rate.




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