West Coast multifamily complex sold

Transaction completed via 1031 exchange

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Marcus & Millichap arranged the sale of the 190-unit Parkview Plaza Apartments in Indio, Calif. The value of the transaction was $14.8 million. Parkview Plaza is located at 81955 Hoover Ave. The sale includes 157,712 rentable square feet on 9.16 acres. The property was constructed in 1978 with a unit mix comprised of 64 one-bedroom and 126 two-bedroom apartments, ranging in size from 661 to 932 square feet. At the time of sale, occupancy was 96 percent. A private investor in Marina Del Rey, Calif., sold the property to a San Diego-based private investor in a 1031 exchange. Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage. *** What's your opinion? Send your Letter to the Editor to opinion@inman.com....