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11/12/19
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Willow Crest Apartments, a 50-unit community that is located on Acoma Street in Desert Hot Springs, sold for $7.2 mil, or $144k/unit. Built on a 2.93-acre site in 2007, the property is located at 65568 Acoma Ave.
Willow Crest Apartments is situated off I-10, near multiple relaxing spas including Miracle Springs, El Morocco, and Desert Hot Springs. It is also near the Morongo Casino, Resort and Spa that has over 3,000 employees.
The project was built to condominium specifications, individually parceled and consists of 42 two-bedroom units and eight one-bedroom units, with an average unit size of almost 1.3k sf. The community includes attached garages and washer / dryer connections.
Mike Marcu of The Mogharebi Group represented the seller, an overseas investment group, and the Los Angeles-based buyer.
“The community is a well-maintained, newer construction building” said Marcu. “As a result, the Value-Add opportunity wasn’t through capital improvement; it was through maximizing operational efficiencies and implementing new revenue streams justified by the market, producing a solid cash-on-cash return through proven rental growth. This attracted multiple offers and closed at 96% of the list price.”
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