The Mogharebi Group (TMG) has brokered the sale of a 44-unit garden-style multifamily community in Palm Springs, Calif. for $11.25 million. The buyer of the fully occupied property is a California-based affordable housing investor.
Sunnyview Villa Apartments’ two- and three-bedroom units are housed in seven two-story walk-up residential buildings on a 3.86 acre-site at 2900 N. Indian Canyon Dr. Built in 1980. The well-maintained affordable housing community is less than three miles from the shopping, dining, and entertainment opportunities in Downtown Palm Springs, as well as medical services at nearby Desert Regional Medical Center.
“Due to rapid increases in housing costs, demand for affordable alternatives like Sunnyview Villa has never been higher,” said Mogharebi Group Executive Vice President Otto Ozen, who represented the California and Utah-based private investor sellers. “Those market forces combined with current economic trends supporting more rental demand put this well-located community, which has a waiting list and strong in-place cash flow, in a bigger investment spotlight. As a result, we were able to close at full asking.”
California accounts for more than 25% of the nation’s deficit of 3.8 million housing units, according to a mid-year national housing report. The two-county Inland Empire, where Palm Springs is located, matched Phoenix for the largest gain in new households in 2020, with Riverside and San Bernardino counties experiencing a 50 percent increase, according to the Wall Street Journal.