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4/01/20
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A SoCal-based investment group purchased Royal Palms Condominiums, a 52-unit community in Palm Desert, for $8.9 mil, or $171k per unit. The property, located at 40890 Sandy Gale Lane, received multiple offers.
Built in 1985, Royal Palms Condominiums comprises a desirable mix of 94% two-bedroom units and 6% one-bedroom units, with spacious floorplans averaging 932 sf in size. It is located less than a half mile from Bermuda Dunes Country Club, Highly Ranked James Monroe Elementary School, ample retail shops and restaurants, and less than a mile from Interstate-10 connecting Palm Desert to Los Angeles.
Royal Palms Condominiums was built to condominium specification and is mapped with a parcel number assigned to each unit, providing an alternate exit strategy for investors. It offers high end common area amenities, including resort-style swimming pools, relaxing spa, sauna, fitness center, clubhouse, BBQ/picnic area, controlled access, and leasing office.
Alex Mogharebi and Otto Ozen of The Mogharebi Group represented the seller in the deal.
According to Ozen, Royal Palms Condominiums is superior to the competitive properties in the immediate area. “As a result, the property was fully occupied, producing a solid cash-on-cash return through proven rental growth. This strategy generated multiple offers and closed within 99.5% of list price.”
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