October 13, 2017 Comments Off on NJ Investor Picks Up Palm Springs MF for $20.5M Views: 761 California News, Inland Empire

NJ Investor Picks Up Palm Springs MF for $20.5M

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Westview Group acquired a 175-unit apartment property in Palm Springs, CA from The Bascom Group for $20.5 million. CBRE’s Stewart Weston, John Montakab, Paul Runkle and Eric Chen represented the New Jersey-based buyer. The CBRE team also represented the Irvine, CA-based seller.

“This was a great income-producing opportunity for the buyer, and with additional interior upgrades the new owner can realize an even higher cash flow going forward,” said Weston.

Built in 1979, the property is located at 311 South Sunrise Way, and features three swimming pools, barbeque areas, fitness center and laundry facility as well as an expansive greenbelt. The site contains 68 studios, 67 one-bedroom and 50 two-bedroom apartments across four buildings.

“The revitalization of Downtown Palm Springs, coupled with supply constraints and the opportunity to further achieve higher rents through property upgrades made this a one-of-a-kind deal,” said Runkle.

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