X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LOS ANGELES-An LA-based limited liability corporation has acquired an apartment complex in Palm Desert. The buyer, Palm Desert SPE LLC, has paid $10.7 million for the facility.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. Apartments 2020Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.