CBRE Negotiates $14 Million Sale of Ariana at El Paseo in Palm Desert

CBRE arranged the $14 million sale ($222,222 price per unit) of 63-unit Ariana at El Paseo in Palm Desert, Calif., to Investment Concepts, Inc. CBRE’s Eric Chen, Kevin Sin, Blake Torgerson, Dean Zander and Stew Weston represented the seller, 45278 Deep Canyon Road, in the transaction.

“Our team successfully marketed this unpriced property to investors,” said Mr. Chen, executive vice president. “Our team generated multiple competitive offers resulting in the largest multifamily transaction in Palm Desert over the last eight years. The owner passed away last year, and her trustee was tasked with selling this asset. The owner has generously donated all proceeds to various charities.”

The boutique apartment homes are located at 45278 Deep Canyon Road and offer a mix of studio, one- and two-bedroom floorplans, averaging 865 sq. ft. Each unit features a fully equipped kitchen, vinyl plank flooring, oversized patios and balconies, central air and heating, and large closets. The community amenities include a resort-style pool, on-site laundry facilities, an outdoor lounge and fireplace area, a pet play area and BBQ stations.

“This immaculately maintained property is a generational quality asset in the growing Coachella Valley submarket. The Coachella Valley has seen some of the highest rent growth in all pockets of the Inland Empire in the past few years due to increased economic growth in the region. Multifamily fundamentals remain strong in the area with the restriction of supply coming into the market,” added Mr. Sin.

According to CBRE research, Coachella Valley has one of the lowest vacancy rates in the Inland Empire, at 4.3%, second only to Redlands. In the first quarter of the year, the submarket also saw a 1.9% year-over-year rent change.