Plaza Apartments Sale Nets $9.5M

By Erin Cassin
Last updated: July 31, 2002
www.globest.com

PALM SPRINGS, CA-Steadfast Properties of Newport Beach has sold a Palm Springs apartment complex to a Chicago-based syndicator for $9.5 million, the latest sign of multifamily product’s rising value in the Inland Empire.

The 155-unit property, known as Plaza Apartments, is located at 2300-2490 Tahquitz Canyon Way. It features all the “standard amenities,” including a clubhouse and two pools, according to Cray Carlson of Marcus & Millichap Real Estate Investment Brokerage Co.

Carlson, who brokered the deal, says that the property was 92% occupied at the time of sale. “There is upside potential, since the property can be cleaned up a bit,” Carlson tells GlobeSt.com, adding that values “are definitely going up in this area, based on the increase in rents.”

The Inland Empire’s steadily rising employment level and booming population growth has made it a favorite among multifamily investors and apartment tenants alike.

Original Article

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