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9/01/17
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Garden Grove Manor Apartments, a C Class, 78-unit multifamily property in Garden Grove, sold for $13.2 mil, or $169.2k/unit. The asset, located at 10642 Bolsa Ave, south of the 22 Fwy and east of I-405, was acquired by a local OC affordable housing developer.
Built in 1971, Garden Grove Manor Apartments sits on Bolsa Ave between Ward and Starboard St. Unique to this transaction is the fact that this property was originally built and designed as a cooperative community, whereby each resident is an individual shareholder and not a tenant.
Upon close of escrow, the property will be converted into an affordable housing community and the residents who qualify under the California Income Level Tax Credit program will then become tenants. Unlike New York, cooperative properties are extremely rare in California.
Frank Dinari with Sperry Commercial Global Affiliates represented the buyer and the seller, Garden Grove Manor Inc, in the transaction. According to Dinari, the listing generated 18 offers.
“We generated 18 offers and ultimately selected a local Orange County affordable housing developer as the final buyer“, said Frank Dinari, senior vice president at Sperry Commercial. “ The property’s class C designation, ideal location, and unit mix all make it a superior investment opportunity for the buyer,” Dinari added.
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