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California   /   May 4, 2021

Lisa Brown
By: Lisa Brown

Fred Waring Townhomes Capitalize on Palm Desert’s Lack of New Construction

A 12-unit multifamily property, Fred Waring Townhomes in Palm Desert, recently sold to a private local buyer for $3.4 million. Located at 73881 Fred Waring Dr., the complex features two-bedroom 2.5-bath townhomes measuring 1,200 square feet.

Each unit has access to an attached two-car garage that leads directly into the unit. Fred Waring Townhomes sits near El Paseo Drive, a high-end shopping area that is considered the “Rodeo Drive” of the Coachella Valley.

The property consists of three buildings which have recently been renovated. Upgrades include updated kitchens, granite countertops, tile flooring and landscaping.

CBRE’s Cray Carlson and Kevin Sin represented the seller, a local private investor, as well as the buyer.

“This property offered the investor a turnkey asset with rental upside,” said Sin. “Palm Desert continues to see major rent growth due to a lack of new construction and continued job growth in the area.”

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Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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