A family partnership located in Cathedral City, California, has sold Presidio Park, a 45-unit multifamily community located on Gerald Ford Drive in Cathedral City to a Riverside, California – based buyer for $7 million, according to a release from a representative of The Mogharebi Group (TMG). The sale price equates to a record-setting price of $155,556 per unit in this market, according to the release.
Built in 1987 and recently remodeled, Presidio Park is a two-story community comprising residential buildings that total 45,290 rentable square feet, the source says. The complex is situated on a 3.07-acre site and features a swimming pool, tennis court, outdoor picnic area with BBQs, laundry facilities, and covered parking.
Executive VP Otto Ozen, and SVP Mike Marcu of TMG represented both parties in the transaction, which was completed after multiple offers, the firm reports.
Ozen is quoted in the release as saying that the sale price per door represents a record for similar apartment communities in the Coachella Valley. “The price is attributable to several factors, including the quality of the asset with strong upside, a lack of available inventory, our proprietary exchange platform, and strong rental growth in the submarket.”
Marcu adds, “We aggressively marketed Presidio Park in Cathedral City to our list of high-net-worth private, as well as exchange, buyers. The asset provided a solid value-add opportunity which generated substantial interest and resulted in multiple offers.”