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Record-Breaking Sale for Indio Senior Community
The Mogharebi Group (TMG) completed the sale of Parkwood Apartments at Polo Grounds, a 125-unit community that is located on Avenue 48 in Indio, CA. The property sold with multiple offers at the full list price of $16.5 million, which equates to $132,000 per unit or $171-per-square-foot.
TMG’s Alex Mogharebi and Otto Ozen represented the seller, an Orange County real estate development firm and the buyer, an unnamed private investment group based in San Diego.
Ozen says, “At a price of $132,000 per unit, this transaction represents a record for apartment communities in Indio. The record setting price is attributable to several factors, including a lack of inventory available, our proprietary exchange platform, the high quality of the asset, and strong rental growth in the submarket.”
Built on a 7.51-acre site in 2014, the property is located at 81777 Avenue 48.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition




