CBRE Arranges $2.4 Million Sale of Blue Horizon Apartments

CBRE has facilitated the sale of the 20-unit Blue Horizon Apartment homes in Twentynine Palms for $2.4 million. The property was at 95% occupancy at the time of the sale.

Cray Carlson of CBRE’s Inland Empire multifamily investment properties team represented the private sellers in the transaction and also represented the private regional buyer.

"The 29 Palms area has grown a lot in the past few years," said Mr. Carlson, senior vice president at CBRE. "The unit mix of two- and three-bedrooms made it more attractive to buyers and was a major selling point. "Through a detailed custom marketing plan, we found an all-cash buyer who closed escrow in less than 10 days. There seems to be no shortage of buyers in the market right now if sellers can be a little more realistic in their pricing."

Located at 5228 Adobe Road in Twentynine Palms, the community recently underwent extensive renovations, including new unit features like wood flooring, appliances, and new air conditioning in some of the units.

The property is situated on 4.85 acres and offers one-, two- or three-bedroom floor plans. Initially built in 1987, the community's amenities include an onsite laundry facility, barbeque areas and high-speed internet access. There was excess land on site where the buyer could build an additional 20 units.

The apartment community is five miles south of the Marine Corps Air Ground Combat Center Twentynine Palms, the largest Marine Corps base in the U.S., with 8,000-armed service personnel onsite.