Alex Mogharebi of Marcus & Millichap's Ontario office, who represented both the buyer and the seller, says the deal closed at a 7.2% capitalization rate. The seller was Northern California-based Prime Palm Lake LLC.
The Palm Lake Village Apartments complex, constructed in 1986, is positioned at 43-376 Cook St. in the Central Cochella Valley. The sale includes 199,456 rentable sf on about 22 acres, which are surrounded by luxury housing and a gated golf course. The complex, which was 97% occupied at the time of the sale, is composed of 32 one-bedroom apartments and 188 two-bedroom units, ranging in size from 708 sf to 986 sf. Rents range from $670 to $1,160 per month. The complex features two swimming pools, spa, lake and waterfalls, business center, sauna and fitness center, volleyball courts and putting green.
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