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 2020 revenue). The company has more than 100,000 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.
