The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
March 29, 2024
 Search RENTV
   Go!
 The REview
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



SOUTHERN CALIFORNIA NEWS
Printer-friendly Version   Email an Associate
Prism Multifamily Group Finances Palm Springs Apartment Buy with $10.8 Mil Fannie Mae Loan

8/22/18

Prism Multifamily Group recently acquired Latitude 33, a 121-unit, Class A multifamily property in downtown Palm Springs. Latitude 33 holds significance for Palm Springs, which is home to only nine market-rate apartment communities with 100 or more units each, making for an important investment in a supply-constrained market.

The price was not disclosed, although the purchase was financed with a $10.8 mil acquisition loan provided by Walker & Dunlop Inc. The asset was sold by Huffman Properties, who acquired the property – then known as Whispering Palms Apartments -- from City Center Real Estate in early 2015 for around $6.8 mil ($56.2k/unit).

Built in 1965, Latitude 33 is located at at 449 E. Arenas Rd, just east of Palm Canyon Dr. It operates under a 99-year ground lease that is regulated by the United States Department of the Interior Bureau of Indian Affairs. The property underwent a comprehensive renovation and repositioning in 2016, under Huffman’s ownership.

Latitude 33 features lavish amenities such as a resort-style swimming pool, grilling stations, and a private courtyard with shade sails. It is ideally situated just steps from restaurants, nightlife, and entertainment in Palm Springs.

Walker & Dunlop’s Alison Williams, Mark Grace, and Matt Baldwin oversaw the Fannie Mae financing transaction on behalf of the buyer.





Return to the Archive page


 


 


 


 
 





Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2024 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media