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11/04/20
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A 21-unit, senior multifamily community in Palm Desert was purchased by a private investor for $3.8 mil, or $181k/unit. Built in 1990, the property is located at 73625 Catalina Way, east of San Pablo Ave and south of Fred Waring Dr.
Community amenities at the garden-style property include in-unit laundry, a gated swimming pool and 16 parking spaces. The property is less than one mile from SR 111, a freeway that connects Palm Desert to nearby Palm Springs.
CBRE’s Cray Carlson and Kevin Sin represented the buyer and the seller in the transaction.
Despite the market impact of COVID-19, the multifamily sector held up better than expected in the second quarter, according to CBRE’s latest research. The market is likely to stabilize by the first quarter 2021 and show steady improvement after that.
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