California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
TMG Brokers $11M Sale of Palm Springs Affordable Complex
The Mogharebi Group (TMG) has brokered the $11.25 million sale of Sunnyview Villa, a 44-unit, garden-style, affordable apartment community in Palm Springs, CA. TMG represented the private investor sellers in the transaction. The buyer was an undisclosed California-based affordable housing investor.
“Due to rapid increases in housing costs, demand for affordable alternatives like Sunnyview Villa has never been higher,” said TMG Executive VP Otto Ozen. “Those market forces combined with current economic trends supporting more rental demand, put this well-located community in a bigger investment spotlight. As a result, we were able to close at full asking.”
Sunnyview Villa is comprised of seven buildings with two- and three-bedroom units on a 4-acre site on N. Indian Canyon Drive. Built in 1980, the community is less than three miles from bustling Downtown Palm Springs and in close proximity to medical services at Desert Regional Medical Center.
- ◦Sale/Acquisition
