The property, known as Palm Desert Apartments, is located at 42-125 Idaho St. It is a 248-unit multifamily complex. Built in 1966, the facility was 95% occupied at time of sale.

Alex Mogharebi of Marcus & Millichap Real Estate Investment Brokerage Co. represented the buyer. Mogharebi, who works out of Marcus & Millichap's Ontario office, also spoke for the seller, Utah-based H & R Gallery Limited.

The transaction is the latest in a string of multifamily deals involving locally based investors. Earlier in the week, an LA-based limited partnership purchased a 129-unit multifamily complex in Colton, as reported by GlobeSt.com. The property, which was 95% occupied at the time of sale, was sold for $4 million. The buyer was Colton Properties II LLC and the seller was LA-based Rancho Avenue Limited Partnership.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.