Multifamily Prop in Prized Palm Springs Sells

Spring is here – especially in Palm Springs, Calif. – and The Mogharebi Group has helped to sell a multifamily community in the friendly and temperate area of Tahquitz Canyon.

A multifamily brokerage firm, TMG represented a private investor and has successfully brokered this sale of a 108-unit apartment community or $19.7 million, according to a news release. 

Demographics are definitely at play in this hot market (pun intended):

Palm Springs is severely supply constrained with multifamily vacancies at 2.1% according to TMG research. Despite an estimated population growth of 6% over the next five years, only five units have been built in the past 12 months. (according to the news release)

“Home prices in Palm Springs have increased by 50% in the past year alone, catapulting the median home price to $623,000,” added Otto Ozen, executive vice president of TMG.  “As a result, home ownership is out of the reach of many of the 50,000 permanent residents there creating tremendous demand for quality well located multifamily assets.”