IE Business Daily Business news for the Inland Empire.
A 25-unit apartment complex in Palm Desert has sold for $4.5 million.
El Paso Place, an 18,000-square-foot faculty at 73200 Tumbleweed Lane, sold to a private investor whose name was not released, CBRE announced.
The building features 1 studio unit, 16 one-bedroom, one-bathroom units and eight two-bedroom, two-bathroom apartment.
The owner, whose name also wasn’t released, recently renovated the property, including a new roof, upgraded electrical fixtures and replacing the heating and air conditioning system. The property is in the middle of Palm Desert, one block off El Paseo Drive, and is near shopping centers, restaurants and hotels.
CBRE represented both sides in the transaction, according to the statement.
