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7/19/21
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A 55-unit multifamily portfolio in Palm Desert was purchased by a private local buyer for $8.8 mil ($160k/unit). The acquisition consisted of two properties - Tiki Gardens Apartments and Shadow Hills Apartments.
Located at 45325 Panorama Dr and 74550-74610 Shadow Hills Rd, the properties feature studio, one-bedroom/one-bath, and two-bedroom/two-bath units. Tiki Gardens and Shadow Hills Apartments sit near El Paseo Drive, which is a high-end shopping area and considered the “Rodeo Drive” of the Coachella Valley.
The portfolio contains eight buildings, which have recently been renovated. Upgrades include granite counter tops, tile flooring, kitchen remodel, and landscaping. Units are constantly being upgraded as they become available. Shadow Hills Apartments allows the Buyer to build new units on the property.
In the deal, CBRE’s Cray Carlson and Kevin Sin represented the buyer and the seller, also a local private investor.
“Coachella Valley has remained extremely stable throughout the COVID-19 crisis and has seen some of the highest rent increases in Southern California,” noted Carlson. “We expect rents to continue to climb because of a lack of new construction of apartment units and the influx of renters that keep moving to the area.”
Palm Desert is the geographic center of the Coachella Valley, a fast-growing region of Southern California. Palm Desert has evolved into an educational, retail, and cultural hub with more than 50,000 year-round residents, including young working families, baby boomer professionals and retirees.
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