CBRE Facilitates $5.9 Million Sale of Deepwell Apartments in Palm Springs, California

CBRE arranged the $5.855 million sale ($195,167 per unit and $288 per square foot) of Deepwell Apartments, a 31-unit multifamily community located at 1680 E. Palm Canyon Drive in Palm Springs, California. CBRE's Eric Chen and Blake Torgerson represented the seller, AMG Deepwell Apartments LLC, and procured the buyer, Ammirato Family Trust.

“Deepwell Apartments attracted strong investor interest due to its location within one of Palm Springs' most sought-after neighborhoods, its renovated unit mix and its ability to provide meaningful rental upside,” said Chen, Executive Vice President at CBRE. “The transaction demonstrates continued demand for well-located multifamily assets that offer both in-place cash flow and value-add potential.”

The property is in Palm Springs' Deepwell Estates neighborhood and consists of a 20,296-square-foot apartment community situated on a 40,946-square-foot site. Built in 1959, the property features a mix of studio, one-, two- and three-bedroom units, along with recent interior and exterior renovations, upgraded gated access and replaced air conditioning units.

Deepwell Apartments offer resort-style amenities, including a pool, mountain views and desert landscaping. The property also benefits from immediate access to State Route 111 and is located near Smoke Tree Shopping Center, Desert Regional Medical Center and downtown Palm Springs.

According to CBRE Research, Southern California multifamily fundamentals continue to be supported by limited housing supply, long-term population demand and elevated homeownership costs, which contribute to sustained renter demand across many markets. Investors remain focused on well-located apartment communities that offer opportunities for operational improvements and future rent growth.