CA Senior Housing Sells for Record $16M
Parkwood at Polo Grounds has changed hands in a record sale for apartment communities in Indio, Calif. The age-restricted community features 125 units.
By Beata Lorincz
Parkwood at Polo Grounds, Indi, Calif.
American Housing Partners has disposed of Parkwood Apartments at Polo Grounds, a 125-unit age-restricted community in Indio, Calif. The Mogharebi Group (TMG) facilitated the $132,000 per unit transaction in a record sale for apartment communities in the city.
“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,” said Otto Ozen, executive vice president of TMG, in a prepared statement.
Various common amenities
The asset is located at 81777 Ave. 48 on a 7.5-acre site, just over two hours away from downtown Los Angeles and San Diego. According to Yardi Matrix, Parkwood at Polo Grounds was built in 2014 and features 92 one-bedroom and 32 two-bedroom apartments. Common area amenities include:
- clubhouse
- library
- business center
- community room with kitchen
- fitness center
- swimming pool
- spa
- private nature park
- vegetable garden
Ozen partnered up with Alex Mogharebi from TMG in facilitating the sale, representing both the seller and San Diego-based buyer. Earlier this month, TMG completed the $11 million sale of another California multifamily property located in Los Angeles.
Image courtesy of Yardi Matrix
