CBRE ANNOUNCES SALE OF 23-UNIT APARTMENT PROPERTY IN PALM SPRINGS, CA FOR $2.2 MILLION TO PRIVATE LOCAL INVESTOR
09 Nov 2018
The property presented great value-add opportunity near flourishing downtown
Los Angeles – Nov. 9, 2018 – CBRE announced the sale of a 23-unit apartment complex in Palm Springs, CA for $2.2 million to a private local investor.
CBRE’s Cray Carlson represented the buyer.
The 16,719 square-foot property is located at 1433 & 1455 Indian Canyon Drive. The complex, which is comprised of 20 studio apartments, two 1 bedroom/1bath units and one 2 bedroom/1bath apartment, sits in proximity to Downtown Palm Springs.
“The owner is planning a total rehab of the property to bring it up to its full potential,” said Carlson. “Downtown Palm Springs is a booming market, which has greatly buoyed demand for residential units in the area.”
Asking rates in the Palm Springs multifamily market have risen 3% year over year to $1,038 per unit, and the market is relatively stable with a 4.4% vacancy rate, according to CBRE research. While Palm Springs is a year-round destination for visitors, it is also home to 2,629 business that employee nearly 29,000 people.
CBRE also represented to seller, PS Housing Investors.
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.