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Unpriced Palm Desert Apartments Fetch $14M
CBRE arranged the $14-million sale of the 63-unit Ariana at El Paseo in Palm Desert to Investment Concepts, Inc. Eric Chen, Kevin Sin, Blake Torgerson, Dean Zander and Stew Weston represented the seller, 45278 Deep Canyon Road.
“Our team successfully marketed this unpriced property to investors,” said Chen. “Our team generated multiple competitive offers resulting in the largest multifamily transaction in Palm Desert over the last eight years. The owner passed away last year, and her trustee was tasked with selling this asset. The owner has generously donated all proceeds to various charities.”
The boutique apartment homes are located at 45278 Deep Canyon Rd. in Palm Desert and offer a mix of studio, one- and two-bedroom floorplans, averaging 865 square feet. Each unit features a fully equipped kitchen, vinyl plank flooring, oversized patios and balconies, central air and heating, and large closets. The community amenities include a resort-style pool, onsite laundry facilities, an outdoor lounge and fireplace area, a pet play area and BBQ stations.
