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2/11/22
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In a recent multifamily sales comp from the Inland Empire, Vintage Palms Apartments, a 74-unit property in Indio, was purchased by a private investor for $14.15 mil ($191.2k/unit).
Vintage Palms Apartments is located at 82435 Requa Ave, in proximity to Highway 111 within the Coachella Valley. The property offers all two-bedroom units and features controlled access, on-site laundry facilities, a swimming pool, playground, grill and picnic area, basketball court and balconies or patios in each unit.
CBRE’s Cray Carlson and Kevin Sin represented the seller. According to Carlson, Indio is one of the fastest growing cities in Southern California.
The Inland Empire multifamily market continues to be one of the most prominent emerging markets in Southern California with its strong rent growth and a record-low vacancy rate, according to CBRE research. The Inland Empire ranked second in the nation for year-over-year rent growth in the second quarter at 14.8%.
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