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2/06/24
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An unnamed private investor paid $2.2 mil for a 10-unit ($220k/unit) multifamily property in Palm Desert. This was the first time the property had traded in over 20 years.
The apartment community is located at 73435 San Gorgonio Way in the heart of downtown Palm Desert, at the corner of Las Palmas Ave and San Gorgonio Way, near the San Pablo Avenue on/off-ramp of Highway 111. The apartment community features two-bedroom apartment homes with a patio or a balcony, a community pool, and garage parking.
The two-story, 8.4k sf building was constructed in 1988 and sits on 0.57 acres in the Palma Village Groves neighborhood in Palm Desert. The property has a Walk Score of 83 out of 100 (“Very Walkable”) so most errands can be accomplished on foot and is situated near country clubs, resorts and spas, shopping, dining, schools, and less than 12 miles from the Palm Springs International Airport. Three parks are within 6.3 miles, including The Living Desert Zoo and Gardens, Santa Rosa and San Jacinto Mountains National Monument, and Children's Discovery Museum of the Desert.
Dan Blackwell and Andrew Boukather with CBRE represented the buyer, based in Los Angeles County.
“This was an off-market transaction, where we sourced an all-cash buyer and achieved a closing in 30 days,” noted Blackwell. “The buyer was attracted to the property’s strong Palm Desert location and the over 60% upside in the rent roll to achieve nearly an 8% cap rate.”
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