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California  + Inland Empire  + Apartments  | 

NJ Investor Picks Up Palm Springs MF for $20.5M

Connect Inland Empire is planned for Wednesday, October 18th. Here’s where to register for the conference.

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.

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Sale/Acquisition
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