|
|
4/06/18
|
A 1031 exchange investor paid $6.45 mil for Vintage Palms Apartments, a 74-unit ($87.2k/unit) residential property in the Inland Empire city of Indio. The asset, comprised of six buildings, is located at 82434 Requa Ave and sits on almost four acres.
Apartment amenities include ample covered parking, a fireplace in each unit, a pool, and a playground and basketball court. The property features all two-bedroom units.
Cray Carlson of CBRE represented the buyer and the seller, Stabilis Capital Management LP, a principal investment firm specializing in credit obligations that are secured by hard assets.
“We were able to find a property with major upside opportunities in the rents that fit perfectly with the buyer’s needs,” said Carlson. “The buyer will benefit from rental increases, and financing that allowed a hold back of the down payment until rental increases are achieved at which time will be credited back to the buyer.”
With a 50% increase in Indio’s population between 2000-2010, the demand for housing continues to remain strong. Apartment vacancies are expected to remain stable throughout 2018 with a possible temporary rise due to new supply in the Greater Los Angeles region. Rents are likely to continue to increase at a moderate pace, according to CBRE research.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
