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12/08/20
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A SoCal investment group paid $33.6 mil for Medici Apartment Homes, a 140-unit ($240k/unit) community located in Bermuda Dunes. Built in 2002, the property is located on 79090 42nd Ave, south of I-10 and west of Jefferson St.
Medici Apartment Homes is a two-story community comprised of 20 buildings totaling 139.5k sf. The buildings are situated on a 9.69-acre site.
The property features luxurious common area amenities including a resort-style pool and spa with cabanas, outdoor entertainment lounge, BBQ grill stations, outdoor TVs, clubhouse, parcel locker system, concierge, playground, gym, and more. The asset is low density with less than 15 units per acre and well parked with almost two spots per unit for a total of 277 spaces, comprising 240 covered and 37 open parking spaces.
Alex Mogharebi and Otto Ozen of The Mogharebi Group represented the seller, a Southern California based investment group. According Mogharebi, the property sold with multiple offers.
“Medici Apartment Homes is Class A, well maintained, recently improved community in a highly desirable market,” said Ozen. “As a result, there was a high level of interested buyers for this asset.”
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