INDIO, CA — FPA Multifamily purchased the multifamily building at 82165 Doctor Carreon Blvd. in Indio, CA for $13.5 million, or about $53,000 per unit, in a court-directed sale. Occupancy at the time of sale was about 85 percent. The buyer owns two other properties in nearby Palm Springs.
Built in 1986, the two-story, 253-unit apartment complex totals 228,767 square feet on 13.8 acres located at the southeast corner of Monroe St. The property consists of 153 one-bed and 100 two-bed units in 33 separate buildings.
Jeffrey Patterson and Tyler Martin of Apartment Realty Advisor represented both parties in the sale.