The property, known as Palm Desert Apartments, is located at 42-125 Idaho St. It is a 248-unit multifamily complex. Built in 1966, the facility was 95% occupied at time of sale.
Alex Mogharebi of Marcus & Millichap Real Estate Investment Brokerage Co. represented the buyer. Mogharebi, who works out of Marcus & Millichap's Ontario office, also spoke for the seller, Utah-based H & R Gallery Limited.
The transaction is the latest in a string of multifamily deals involving locally based investors. Earlier in the week, an LA-based limited partnership purchased a 129-unit multifamily complex in Colton, as reported by GlobeSt.com. The property, which was 95% occupied at the time of sale, was sold for $4 million. The buyer was Colton Properties II LLC and the seller was LA-based Rancho Avenue Limited Partnership.
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