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4/26/21
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Fred Waring Townhomes, a 12-unit res property in Palm Desert, was purchased by a private local buyer for $3.4 mil, or $283k/unit. Located at 73881 Fred Waring Drive, the complex sits near El Paseo Drive, which is a high-end shopping area that is considered the “Rodeo Drive” of the Coachella Valley.
Fred Waring Townhomes features two-bedroom/2.5-bath townhomes measuring 1.2k sf in size. Each unit has access to an attached two-car garage that leads directly into the unit.
The property consists of three buildings, which have recently been renovated. Upgrades include granite counter tops, tile flooring, kitchen remodel, and landscaping.
CBRE’s Cray Carlson and Kevin Sin represented the buyer and the seller, a local private investor, in the transaction.
“This property offered the investor a turnkey asset with rental upside,” said Sin. “Palm Desert continues to see major rent growth due to a lack of new construction and continued job growth in the area.”
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