IE Business Daily Business news for the Inland Empire.
An 81-unit apartment complex in Needles has been sold for $2.2 million.
River Garden Apartments changed hands between two private investors whose names were not released, according to a statement released by CBRE, which represented the seller in the transaction.
Located at 1970 Clary Drive, River Garden Apartments is comprised of 38 two-bedroom, two-bathroom units, and 48 three-bedroom, two-bathroom units.
The complex sits on 5.89 acres and has nearly 70,000 rentable square feet. It is an affordable project with low-income housing tax transactions and rent restrictions attached to it, according to the statement.
Needles is in the Mohave Valley near the Arizona and Nevada borders. It’s about 110 miles from the Las Vegas Strip.
“The city of Needles has worked diligently over many years to create new private investment economic opportunities for its residents and businesses,” said Cray Carlson, a senior vice president with CBRE and a member of the brokerage team. “The city’s economic development strategy has created a demand for the development of housing units, retail businesses, and lodging.”
