IE Business Daily Business news for the Inland Empire.
CBRE has negotiated the sale of an apartment complex in Palm Springs.
Deepwell Apartments, a 31-unit project at 1680 E. Palm Canyon Drive, sold for $5.8 million, according to CBRE.
That price works out to $195,167 per unit and $288 per square foot. CBRE represented the seller, AMG Deepwell Apartments LLC, and arranged the buyer, Ammirato Family Trust.
Built in 1959, Deepwell Apartments covers 20,300 square feet on 41 acres. It has one-, two- and three-bedroom units and recently underwent indoor and outdoor renovations, including better gate access.
“Deepwell Apartments attracted investor interest due to its location within one of Palm Springs’ most sought-after neighborhoods, its renovated unit mix and its ability to provide rental upside,” said Eric Chen, executive vice president at CBRE, in the statement.
