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5/17/24
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Ariana at El Paseo, a 63-unit multifamily property in Palm Desert, CA, was purchased by Investment Concepts Inc for $14 mil ($222.2k/unit). The property is located at 45278 Deep Canyon Rd, east of Hwy 74 and just south of Hwy 111.
The boutique apartment homes offer a mix of studio, one- and two-bedroom floorplans, averaging 865 sf in size. Each unit features a fully equipped kitchen, vinyl plank flooring, oversized patios and balconies, central air and heating, and large closets. The community amenities include a resort-style pool, on-site laundry facilities, an outdoor lounge and fireplace area, a pet play area and BBQ stations.
CBRE’s Eric Chen, Kevin Sin, Blake Torgerson, Dean Zander and Stew Weston represented the seller, 45278 Deep Canyon Road, in the transaction. According to Chen, this was the largest multifamily transaction in Palm Desert over the last eight years.
“This immaculately maintained property is a generational quality asset in the growing Coachella Valley submarket,” commented Sin. “The Coachella Valley has seen some of the highest rent growth in all pockets of the Inland Empire in the past few years due to increased economic growth in the region. Multifamily fundamentals remain strong in the area with the restriction of supply coming into the market.”
According to CBRE research, Coachella Valley has one of the lowest vacancy rates in the Inland Empire, at 4.3%, second only to Redlands. In the first quarter of the year, the submarket also saw a 1.9% year-over-year rent change.
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