Desert Oasis Apartments, a 90-unit affordable housing development in Indio, CA, sold for a federal Housing & Urban Development (HUD) record $11 million. Just 24 hours after listing the property, a team of affordable housing brokers from Colliers International received more than 17 bids for the asset, and it was placed in escrow within 48 hours.
Colliers’ Robert Caudill said, “It’s another notch in the belt of this very experienced team, and demonstrates the growing need for affordable housing in Southern California and the nation.”
Located at 46211 Jackson St. near Highway 111 and Interstate 10, the HAP-qualified development, which is set to undergo renovations, is comprised of one and two-bedroom units.
Colliers’ John Nguyen and Jesse Elsanhuty represented the buyer, Community Preservation Partners LLC.
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