IE Business Daily Business news for the Inland Empire.
A 12-unit townhome project in Palm Desert has sold for $3.4 million.
The Fred Waring Townhomes at 73881 Fred Waring Drive consists of three buildings, all of them recently renovated.
CBRE represented the seller, identified only as a local private investor, and the buyer. Information about the buyer was not released.
The property is near El Paseo Drive, a high-end shopping district sometimes called the “Rodeo Drive” of the Coachella Valley.
“This property offered the investor a turnkey asset with rental upside,” said Kevin Sined a CBRE associate and a member of the team that negotiated the sale. “Palm Desert continues to see major rent growth due to a lack of new construction and continued job growth in the area.”
Each townhome covers 1,200 square feet and is attached to a two-car garage. Upgrades included kitchen remodeling and upgraded landscaping, according to the statement.
