IE Business Daily Business news for the Inland Empire.
A 63-unit multifamily property in Palm Desert has been sold.
Investment Concepts Inc., a development and property management firm in Orange, bought Ariana at El Paseo for $14 million, according to a statement.
45278 Deep Canyon Road, a private investment group that adopted the project’s address for its name, was the seller. It’s reportedly the largest multifamily transaction in Palm Desert in the last eight years.
The purchase price is a little more than $222,000 per unit. The project is mix of studio, one- and two-bedroom units with an average unit size of 865 per square feet.
“The Coachella Valley has seen some of the highest rent growth in all pockets of the Inland Empire in the past few years, due to increased economic growth in the region,” said Kevin Sin, senior associate with CBRE, in the statement. “Multifamily fundamentals remain strong in the area with the restriction of supply coming into the market.”
CBRE represented the seller in the negotiations.
