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SOUTHERN CALIFORNIA NEWS
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Investors Trade 27 Res Units in Palm Springs for $2.26 Mil

6/04/19

Two multifamily communities containing a combined 27 units in Palm Springs were purchased by a private investor for $2.26 mil ($83.7k/unit).

The properties, located at 2000 E. Sahara Rd and 2003 Desert Park, sit in one of the top submarkets in area. The propertiesí combined unit mix consists of 23 one-bedroom and four two-bedroom apartments. The size of each unit is approximately 700 sf. Both properties feature a pool and a laundry facility.

The two properties are adjacent to one another at the northeast end of Palm Springs. State Route 111 is one block from the apartment complexes and connects Palm Springs to Riverside and Los Angeles counties via the I-10 freeway. Many grocery stores and dining options, including Stater Bros, Walgreens, Albertsons and Starbucks are within walking distance from the assets.

Cray Carlson and Kevin Sin with CBRE represented the all-cash buyer and the seller, both private investors. The transaction closed escrow in 10 days. According to Sin, the property offers the buyer a significant value-add opportunity.





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