IE Business Daily Business news for the Inland Empire.
Three apartment complexes in the Coachella Valley have been sold for $3.8 million.
The properties, at 3760 and 4022 E. Calle De Carlos in Palm Springs and 78981 Savanna La Mar Drive in Bermuda Dunes, were bought by a local private investor whose name was not released, according to a CBRE statement.
Information about the seller was not released.
The 15-unit portfolio was formerly a living care facility for seniors. By the time the sale was completed, it had been converted back to multifamily use, with units of about 1,000 square feet each, according to the statement.
“Demand for housing in Southern California continues to reach records,” said Kevin Sin, senior associate with CBRE Ontario and a member of the team that negotiated the sale.
“This includes the desert communities, as economic growth in the greater Inland Empire market continues to fuel demand for apartments.”
