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May 18, 2024
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Private Investor Spends $11.25 Mil on Palm Springs Affordable Housing Community


Sunnyview Villa Apartments, a 44-unit garden-style multifamily community in Palm Springs, was purchased by a California-based affordable housing investor for $11.25 mil ($255.7k/unit). Built in 1980, the property is located at 2900 N. Indian Canyon Dr.

The complex features all two- and three-bedroom units housed in seven two-story walk-up residential buildings on a 3.86 acre-site. The well-maintained affordable housing community is less than three miles from the shopping, dining, and entertainment opportunities in downtown Palm Springs, as well as medical services at nearby Desert Regional Medical Center.

“Due to rapid increases in housing costs, demand for affordable alternatives like Sunnyview Villa has never been higher,” said Mogharebi Group Executive Vice President Otto Ozen, who represented the California and Utah-based private investor sellers. “Those market forces combined with current economic trends supporting more rental demand put this well-located community, which has a waiting list and strong in-place cash flow, in a bigger investment spotlight. As a result, we were able to close at full asking.”

California accounts for more than 25% of the nation’s deficit of 3.8 million housing units, according to a mid-year national housing report. The two-county Inland Empire, where Palm Springs is located, matched Phoenix for the largest gain in new households in 2020, with Riverside and San Bernardino counties experiencing a 50% increase, according to the Wall Street Journal.

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