Peter Wang Acquires Palm Desert Multifamily For $8.8M With Reps Cray Carlson & Kevin Sin

A multifamily property located at 45325 Panorama Dr. & 74550-74610 Shadow Hills Rd. in Palm Desert has been sold for a price of $8,825,000. The property consists of 55 units with an average price per unit of $160,454. The total square footage of the property is 38,856, resulting in a price per square foot of $227. The sale was closed on July 1, 2021, and the capitalization rate for the property is 4.00%.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $8,825,000
• Address: 45325 Panorama Dr. & 74550-74610 Shadow Hills Rd., Palm Desert
• Market: Palm Desert
• Units: 55
• Price Per Unit: $160,454
• Square Footage: 38,856
• Price Per Square Foot: $227
• Capitalization Rate: 4.00%

The buyer of the property is Peter Wang, whereas Peter Lambert is the seller. The deal was facilitated by brokers Cray Carlson and Kevin Sin.