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July 12, 2024
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Palm Springs Multifamily Property Sells for $220k/Unit


In a multifamily sales comp from Palm Springs, Highland Apartments, a 15-unit property, traded for $3.3 mil, or $220k/unit.

Highland Apartments is located at 540-570 Highland Dr, just west of California State Route 111, and is proximate to several retailers, eateries, entertainment venues and the Palm Springs International Airport. The property includes a range of studio, one- and two-bedroom floorplans and features a swimming pool, on-site washers and dryers, assigned parking and outdoor patios.

CBREs Cray Carlson and Tyler Provines represented the private investor buyer and seller in the transaction.

The buyer was willing to carry a loan on this property, which created a great amount of activity and made closing escrow seamless, said Carlson. So many investors are waiting for the interest rates to decline to start purchasing again. The fundamentals of apartment ownership are still solid. As the interest rates lower, we will see an increase in apartment sales activity.

According to CBRE Research, development remained strong in the Inland Empire multifamily market in Q3, with 7,029 units under construction at the end of the quarter. Four properties comprising of 508 units were also sold in quarter three, totaling $121 mil in transaction volume.

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