SOLD: 202,680-square-foot multi-family property
has sold for $15,050,000 in Indio, Calif.
(04/2014) Indio, Calif. – 202,680-square-foot multi-family property in Indio, Calif., has sold for $15,050,000.The property is Andorra is a very well maintained 186-unit apartment community in the Coachella Valley in the city of Indio. The property consists of two unit types within 14 three-story buildings. Both unit types are two-bedroom, two-bath floor plans of 1,080 - and 1,140 square foot units respectively. Acquired with more than a 3 percent pro forma market rent upside, this investment property directly exemplifies market growth potential.
The sellers were represented by CBRE, and the buyers were represented by Rima Rafeh of KW Commercial.
“Our goal was to research, analyze and negotiate investment properties for my clients while retaining high CAP and high NOI, which translate into win-win closed transactions," says Rafeh.