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.

Parkwood at Polo Grounds, Indi, Calif.
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