IE Business Daily Business news for the Inland Empire.
Two apartment properties in Palm Desert with a combined 55 units have sold for $8.8 million.
Tiki Gardens Apartments, 45325 Panorama Drive, and Shadow Hills Apartments, 74550-74610 Shadow Hills Road, sold to a private investor whose name was not released, according to CBRE.
Both properties are near El Paseo Drive, a high-end shopping area sometimes called the “Rodeo Drive” of the Coachella Valley.
The portfolio consists of eight buildings, all of which have been renovated recently. Upgrades include granite countertops, tile flooring, kitchen remodel, and landscaping.
Improvements are made as units become available.
“Coachella Valley has remained extremely stable throughout the COVID-19 crisis and has seen some of the highest rent increases in Southern California,” said Cray Carlson, senior vice president with CBRE and a member of the negotiating team, in a statement. “We expect rents to continue to climb because of a lack of new construction of apartment units and the influx of renters that keep moving to the area.”
