Record number of investors add Inland Empire apartment properties to their portfolios
Los Angeles – Oct. 25, 2021 – CBRE announced the sale of the Desert Oasis Community, a 190-unit multifamily property in California’s Kern County, for $13 million to Pro Residential Services Inc.
CBRE’s Cray Carlson represented the buyer, a private investment group.
Desert Oasis Community, located at 238 N Gold Canyon Street in Ridgecrest, features a mix of 61 one bedroom one-bath, 68 two-bedroom one-bath and 61 three-bedroom, one-bath units. The property is in proximity to China Lake Naval Base’s Richmond Gate and the Base’s main gate. The Navy remains Indian Wells Valley’s largest employer with 4,166 full-time civilians, 620 military employees and 1,734 onboard and off-site contractors.
“On any normal workday, 10,000 people pass through the gates of the Naval Base, which provides a lot of tenants for the Desert Oasis Community,” said Carlson. “Many of the apartment homes have been recently renovated with premium amenities, which has helped increase the value of this stable, income producing property even further.”
CBRE’s Carlson also represented the seller, a partnership.
CBRE’s Carlson, Kevin Sin, Nicholas Mercurio, and Tyler Provines have facilitated more than $100 million in multifamily transactions year-to-date through October in Southern California’s Inland Empire. Traded properties include 44 units in Riverside, 55 units in Palm Desert, 58 apartments in Blythe and 15 units in Riverside. A recent transaction also included the sale of the 14-unit Sunrise Apartments property in Palm Springs for $2.4 million to a local private buyer.
“We are seeing a tremendous number of investors making their way along the 10 Freeway corridor to the Inland Empire and out to the Coachella Valley,” said Carlson. “The primary reasons are affordable values as well as lower rents that provide immediate upside potential.”
He added, “A great number of investors are adding Inland Empire properties to their portfolios, more than I have ever seen in my 32 years selling apartments in the Inland Empire.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.