SoCal Community Changes Hands

Prism Multifamily funded the acquisition of the 121-unit Class A Latitude 33 in Palm Springs with a $10.8 million loan originated by Walker & Dunlop.
Latitude 33
Latitude 33

Huffman Properties has sold Latitude 33, a 121-unit multifamily property in Palm Springs, Calif., to Prism Multifamily Group. The buyer financed the purchase with a $10.8 million Fannie Mae loan originated by Walker & Dunlop.

The seller acquired the asset from City Center Real Estate for $6.8 million in March 2015, according to Yardi Matrix. Huffman completed significant capital improvement work on the property, formerly known as Whispering Palms Apartments, in 2016.

Located at 449 E. Arenas Road, the community is a stone’s throw away from downtown Palm Springs. The property is operated under a 99-year ground lease overseen by the U.S. Department of the Interior’s Bureau of Indian Affairs. The buildings are accessibly located, with Interstate 10 running 8 miles to the east and the city’s international airport within 3 miles.

The community’s nine two-story buildings contain a mix of studio, one- and two-bedroom apartments, with floorplans ranging from 419 to 913 square feet. Amenities include a swimming pool, a sun deck, barbecue stations, laundry facilities and gated parking. The asset was 93.4 percent occupied as of July, per Yardi Matrix data.

The Walker & Dunlop team involved in the transaction included Alison Williams, Mark Grace and Matt Baldwin. Earlier in August, the lender provided more than $30 million in financing for a multifamily project in northern Florida.

Image courtesy of Yardi Matrix