IE Business Daily Business news for the Inland Empire.
A 10-unit apartment complex in downtown Palm Desert has been sold for $2.2 million.
The two-story building at 73435 San Gorgonio Way covers 8,360 square feet and sold for $220,000 per unit, according to CBRE.
CBRE represented the buyer, who is based in Los Angeles. No other information about the buyer and seller was released.
This was the first time in 20 years the complex, which was built in 1988 and is made up two-bedroom units, has been sold.
“The demand for multifamily investments in Palm Desert remains strong, with investors seeking prime locations that offer both stability and growth potential,” said Andrew Boukather, senior associate with CBRE, in the statement. “This trend reflects a strategic approach to long-term value creation in this real estate market.”
