CBRE has completed the sale of a 10-unit multifamily property in Palm Desert, California to a private investor.

The selling price of US $2.2 million represents US $220,000 per unit and US $264 per square foot and it was the first time the property had traded in over 20 years.  

CBRE Executive Vice President Dan Blackwell and Senior Associate Andrew Boukather represented the buyer based in Los Angeles County. 

“This was an off-market transaction, where we sourced an all-cash buyer and achieved a closing in 30 days,” noted Blackwell. “The buyer was attracted to the property’s strong Palm Desert location and the over 60 per cent upside in the rent roll to achieve nearly an 8 per cent cap rate.”

The apartment community is located at 73435 San Gorgonio Way in the heart of downtown Palm Desert at the corner of Las Palmas Avenue and San Gorgonio Way, near the San Pablo Avenue on/off-ramp of Highway 111. The apartment community features two-bedroom apartment homes with a patio or a balcony, a community pool and garage parking.

The two-story, 8,360-square-foot building constructed in 1988 on 0.57 acres is located in the Palma Village Groves neighborhood in Palm Desert. The property has a Walk Score of 83 out of 100 (“Very Walkable”) so most errands can be accomplished on foot and is situated near country clubs, resorts and spas, shopping, dining, schools and less than 12 miles from the Palm Springs International Airport.  Three parks are within 6.3 miles, including The Living Desert Zoo and Gardens, Santa Rosa and San Jacinto Mountains National Monument, and Children’s Discovery Museum of the Desert.

“Demand for multifamily investments located in Palm Desert remains strong, with investors seeking prime locations that offer both stability and growth potential,” says Boukather. “This trend reflects a strategic approach to long-term value creation in this vibrant real estate market.”

Demand for multifamily investments located in Palm Desert remains strong, with investors seeking prime locations that offer both stability and growth potential.