CBRE announced the sale of a 10-unit multifamily property in Palm Desert, Calif., to a private investor for $2.2 million. The selling price represents $220,000 per unit and $264 per square foot, and it was the first time the property had traded in over 20 years.
CBRE’s Executive Vice President Dan Blackwell and Senior Associate Andrew Boukather 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.”
The apartment community is located at 73435 San Gorgonio Way in the heart of downtown Palm Desert at the corner of Las Palmas Avenue and San Gorgonio Way, near 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, 8,360-square-foot building constructed in 1988 on 0.57 acres is located 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, and 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.
“The demand for multifamily investments in Palm Desert remains strong, with investors seeking prime locations that offer both stability and growth potential,” Boukather highlights. “This trend reflects a strategic approach to long-term value creation in this vibrant real estate market.”
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 2022 revenue). The company has approximately 115,000 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.
