IE Business Daily Business news for the Inland Empire.
A 48-unit apartment complex in Coachella has been sold for a record price in that community.
Valle Vista, at Tripoli Way and Cairo Street, sold for $5.3 million, or $111, 979 per unit, according to a statement released by The Mogharebi Group, which helped the negotiate the transaction.
That was the highest price-per-unit ever paid for a multifamily property in Coachella. Several factors led to the price being so high, including a lack of available multifamily properties in that market.
The buyer was a local private investment group, the seller a Los Angeles-based investor. No further information about either party was released.
Built in the 1960s, Valle Vista has 12 residential fourplex buildings. It has one, two and three-bedroom floor plans with an average size of nearly 800 square feet.
The Mogharebi Group is a brokerage firm with four offices in California, including one in Ontario. It specializes in buying and selling multifamily properties, according to the statement.
