Los Angeles, CA

CBRE Arranges $14.15 Million Sale of 74-Unit Vintage Palms Apartments in Indio, Calif.

14 Feb 2022

a 74-unit multifamily property in Indio

CBRE has arranged the sale of Vintage Palms Apartments, a 74-unit multifamily property in Indio, Calif. to a private investor for $14.15 million.

CBRE’s Cray Carlson represented the buyer in the transaction.

Vintage Palms Apartments is located at 82435 Requa Ave., in proximity to Highway 111 within the Coachella Valley. The property offers all two-bedroom units and features controlled access, on-site laundry facilities, a swimming pool, playground, grill and picnic area, basketball court and balconies or patios in each unit.

“Indio is one of the fastest growing cities in Southern California,” said Carlson. “Coachella Valley apartment sales prices have exploded in 2021, a trend that is continuing in 2022. Rental demand continues to be tremendously strong. I have been working the Inland Empire and Coachella market for over 32 years and have never seen it this strong.”

The Inland Empire multifamily market continues to be one of the most prominent emerging markets in Southern California with its strong rent growth and a record-low vacancy rate, according to CBRE research. The Inland Empire ranked second in the nation for year-over-year rent growth in the second quarter at 14.8 percent.

CBRE’s Carlson and Kevin Sin represented the seller.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.