Los Angeles –– CBRE announced the sale of 55-unit portfolio, Tiki Gardens Apartments and Shadow Hills Apartments, in Palm Desert, Calif., to a private local buyer for $8.8 million.
CBRE’s Cray Carlson and Kevin Sin represented the seller, a local private investor, in the transaction.
Located at 45325 Panorama Drive and 74550-74610 Shadow Hills Rd, the properties feature studio, one-bedroom/one-bathroom, and two-bedroom/two-bath units. Tiki Gardens and Shadow Hills Apartments sit near El Paseo Drive, which is a high-end shopping area and considered the “Rodeo Drive” of the Coachella Valley.
The portfolio consists of eight buildings, which have recently been renovated. Upgrades include granite countertops, tile flooring, kitchen remodel, and landscaping. Units are constantly being upgraded as they become available. Shadow Hills Apartments allows the Buyer to build new units on the property.
“These two properties were previously marketed by a local Coachella Valley firm,” said Carlson. “We were quickly able to generate several offers. Both properties were a part of a 1031-exchange.”
He added, “Coachella Valley has remained extremely stable throughout the COVID-19 crisis and has seen some of the highest rent increases in Southern California. We expect rents to continue to climb because of a lack of new construction of apartment units and the influx of renters that keep moving to the area.”
Palm Desert is the geographic center of the Coachella Valley, a fast-growing region of Southern California. Palm Desert has evolved into an educational, retail, and cultural hub with more than 50,000 year-round residents, including young working families, baby boomer professionals and retirees.
