Updated Oct 29, 2024
Community Preservation Partners Acquires Sunnyview Villa Affordable Housing In Palm Springs For $11.2M
2950 N Indian Canyon Dr Palm Springs, CA 92262, USA
$11,200,000
Units
44
Asset Type
MultiFamily
Closing
Aug 18, 2023
About this deal
AI
Community Preservation Partners (CPP) has purchased Sunnyview Villa, a 44-unit affordable housing community in Palm Springs, California, for $11.2 million. The property is located at 2950 North Indian Canyon Road in the North Palm Springs market. The multifamily asset offers 44 units at an average price of $254,545 per unit.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $11,200,000
- Units: 44
- Price Per Unit: $254,545
- Market: North Palm Springs
- Buyer: Community Preservation Partners - Anand Kannan
CPP plans extensive renovations for Sunnyview Villa, including energy-efficient upgrades and a health and wellness program in partnership with LifeSTEPS. These efforts are aimed at ensuring the affordability of the property for another 55 years, benefiting the residents of Palm Springs.
Creekside MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
Loading comparables…
Deal FAQ
Visit Anand Kannan to view all their deals.
Browse Creekside multifamily sales on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.42%
Cash-on-Cash
-0.40%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93