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11/22/19
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A 25-unit apartment complex in Palm Desert sold for $4.5 mil, or $180k/unit. The property, known as El Paso Place, is located at 73200 Tumbleweed Lane and totals 18k sf.
The building contains one studio, 16 one-bedroom/one-bathroom units, and eight two-bedroom/two-bathroom apartments. The seller recently completed renovations, including new cabinets, flooring, paint and electric fixtures and a new HVAC system, roof and exterior paint job. The property sits in the heart of Palm Desert a block off El Paseo Drive in a vibrant area of Coachella Valley and is surrounded by shopping centers, restaurants and hotels.
Cray A. Carlson and Kevin Sin of CBRE represented the buyer and the seller, both private investors, in the transaction.
“This was a great result for both the buyer and seller,” said Carlson. “The buyer purchased a great building in a prestigious location and the seller, who had no more depreciation on his property, will complete a 103-exchange to a smaller, non-rent-controlled building in Los Angeles.”
Added Sin, “Palm Desert is one of the most desirable areas of the Coachella Valley. We expect rents to continue to climb upwards because of the shortage of new multifamily development in the Low Desert, along with continuous job growth in the city.”
The Inland Empire multifamily market achieved the best one-year total returns, notching 13%, placing it first on the list among the 28 major metros, according to CBRE’s third-quarter research. Appreciation returns recorded 7.8% for the region, with Phoenix and Tampa following closely behind. Overall, the IE market is experiencing healthy demand, according to CBRE research.
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