Los Angeles - CBRE announced the sale of a two multifamily communities in Palm Springs, Calif., to a private investor for a total of $2.26 million.
Cray Carlson and Kevin Sin of CBRE represented the private seller.
“This transaction provides the buyer with a true value-add opportunity,” said Sin. “Palm Springs had the highest amount of rental growth in the greater Inland Empire region last year and continues to experience exciting new developments. This portfolio comes with significant upside for the new owner.”
The properties located at 2000 E. Sahara Road and 2003 Desert Park sit in one of the top submarkets in area. Combined, the properties contain 27 units—the mix consists of 23 one-bedroom and four two-bedroom apartments. The size of each unit is approximately 700 square-feet. Both properties feature a pool and a laundry facility.
Sin added, “With an extensive database, we were able to procure a buyer who came in with an all-cash offer and closed escrow in 10 days.”
The private buyer was also represented by the CBRE team.
The two properties are adjacent to one another and sit on the northeast corner of Palm Springs. State Route 111 is one block from the apartment complexes and connects Palm Springs to Riverside and Los Angeles counties via the I-10 freeway. Many grocery stores and dining options, including Stater Bros., Walgreens, Albertsons and Starbucks are within walking distance from the assets.
Cray Carlson and Kevin Sin of CBRE represented the private seller.
“This transaction provides the buyer with a true value-add opportunity,” said Sin. “Palm Springs had the highest amount of rental growth in the greater Inland Empire region last year and continues to experience exciting new developments. This portfolio comes with significant upside for the new owner.”
The properties located at 2000 E. Sahara Road and 2003 Desert Park sit in one of the top submarkets in area. Combined, the properties contain 27 units—the mix consists of 23 one-bedroom and four two-bedroom apartments. The size of each unit is approximately 700 square-feet. Both properties feature a pool and a laundry facility.
Sin added, “With an extensive database, we were able to procure a buyer who came in with an all-cash offer and closed escrow in 10 days.”
The private buyer was also represented by the CBRE team.
The two properties are adjacent to one another and sit on the northeast corner of Palm Springs. State Route 111 is one block from the apartment complexes and connects Palm Springs to Riverside and Los Angeles counties via the I-10 freeway. Many grocery stores and dining options, including Stater Bros., Walgreens, Albertsons and Starbucks are within walking distance from the assets.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated 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.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated 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.
