Somebody paid a grip of cash for this Cathedral City apartment building

(Google Maps)

An unnamed investment group spent a huge chunk of cash on a Cathedral City apartment complex.

The Press Enterprise reports that the 45-unit Presidio Park on Gerald Ford Drive has sold for a whopping $7 million. The complex was built in 1987 and has a swimming pool, tennis court, outdoor picnic area with BBQs, laundry facilities, and covered parking.

β€œAt a price of over $155,555 per door, this transaction represents a record for similar apartment communities in the Coachella Valley,” Otto Ozen, executive vice president of The Mogharebi Group who represented the buyer in the sale, said in a statement.

And while that seems like good news for those who own apartment buildings in the Greater Palm Springs Area, it also probably means the rent is sure to go up.