Multifamily Property Owners in the Coachella Valley

Multifamily property in the valley includes existing apartment buildings as well as land that local plans now designate for higher-density housing, often in mixed-use areas. Whether you own a building with tenants or a parcel that could hold one, it helps to work with a broker who knows both investment sales and the entitlement status of sites.

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Where plans point toward multifamily

• Mixed-use areas in county plans. Riverside County's plan for Thousand Palms sets aside part of several Town Center neighborhoods for high-density residential. One of the plan's goals is diverse housing for the valley's growing population.
• Bermuda Dunes. The county's plan keeps High Density Residential designations along Washington Street and Avenue 42 in Bermuda Dunes.
• Cathedral City. Along Date Palm Drive in Cathedral City, city staff reported working with developers on a large multifamily project, which was in early design and entitlement at the time.
• Indio. The proposed Oasis at Indio, north of I-10 in Indio, includes a residential component.
• La Quinta. La Quinta's new Highway 111 corridor plan sets a mixed-use framework.
• Impact fees. New multifamily development is charged per dwelling unit under the "multi-family attached" category of CVAG's Transportation Uniform Mitigation Fee.

Selling versus leasing

Owners of apartment buildings usually aren't choosing between selling and leasing, since they already rent units to residents. The real choice is whether to keep running the building or sell it. Owners of land zoned for multifamily can sell outright or bring in a development partner. A commercial land page covers the issues for unbuilt sites.

Before selling a rental property, talk to qualified advisors about California landlord-tenant rules and the tax treatment of a sale, including any 1031 exchange. We don't give legal or tax advice.

Broker expertise to look for

• Multifamily investment sales experience in the valley
• Ability to present rent rolls and operating history to investors
• For land, an understanding of density designations and mixed-use requirements
• Relationships with developers active in the east and west valley

Questions to ask a broker

1. Who are the likely buyers for my building or site?
2. What documents should I prepare (rent roll, operating statements, entitlement records)?
3. How do current local plans affect the density my land could support?
4. How would you handle tenant communication during a sale?
5. What representation agreement would you propose?

How matching works

Tell us the property's location, unit count or acreage, and current status. With your permission, we introduce you to a commercial broker who can discuss your property and representation options. An inquiry does not create a representation agreement. Any brokerage services are provided by the receiving broker.

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More on selling commercial property in the Coachella Valley.