|
|
9/11/20
|
An 81-unit, low-income housing property in the city of Needles sold for $2.25 mil, or $28k per unit. The property, River Garden Apartments, has rent restrictions in place.
Located at 1970 Clary Dr, River Garden Apartments is comprised of 38 two-bedroom/two-bathroom units and 48 three-bedroom/two-bathroom units with 69.9k sf of total space. The affordable housing complex is situated on 5.89 acres near the 40 Fwy and the Colorado River in eastern San Bernardino County.
Needles is situated in the Mohave Valley subregion, near the borders of Arizona and Nevada and roughly 110 miles from the Las Vegas Strip.
CBRE’s Cray Carlson represented the buyer and the seller, a local private investor, in the transaction.
“The City of Needles has worked diligently over many years to create new private investment economic opportunities for its residents and businesses,” said Carlson. “The city’s economic development strategy has created demand for the development of housing units, retail businesses, and lodging.”
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
