La Quinta Sale Sets Record for Red Hot Market
The $24.8M sale of Villaggio at La Quinta is clear evidence the Coachella Valley is hot. The trade is 25% higher than when it last sold three years ago.
CBRE SVP Paul Runkle (pictured with wife Katherine enjoying a drink in the lounge of the The Parker Palm Springs), who repped the limited partnership seller, tells Bisnow he's moved $82M in apartment sales in the resurgent market this year. Paul says the building is one of the most prized pieces in the Coachella Valley, originally designed to be condos. The developer never finished the plans and sold it in June 2011 for $19.5M. Paul tell us the nearly $168k/unit on the building sets a record price for the market.
The 149-unit, 153K SF apartment complex consists of a mix of large one and two-bedroom floor plans, averaging about 1,000 SF/unit. Paul tells us the sale is aided by the attention events like the Coachella Music Festival, Palm Springs Film Festival and others bring the market. Braemon Hanes of Hanes Investment Realty, repped his family business in the buy.
