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MULTIFAMILY NEWS
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Two Garden Grove Apartment Properties Generate $3.3 Mil

10/18/23

Two multifamily rental communities located on the same street in Garden Gove traded in recent deals with a combined price of $3.3 mil. The properties, located near the major thoroughfare of Euclid St and Katella Ave, contain 14 units.

In one of the transactions, an eight-unit multifamily property at 10772 Palma Vista Ave sold for $1.87 mil, or $233k/unit. The buyer was a private investor from Los Angeles County and the seller was based in San Diego County. CBRE’s Dan Blackwell and Andrew Boukather represented both parties in the sale.
Built in 1961, the property sits on 0.22 acres, near employment, parks, schools, shopping, restaurants, and easy access to freeways. The two-story, 4.9k sf apartment building consists of all one-bedroom units.

In the second transaction, a six-unit multifamily property located directly across the street at 10761 Palma Vista Ave, traded for $1.44 mil, or $240k/unit. The seller was a private investor based in Orange County, while the buyer was a repeat client from Newport Beach.

The two-story, 5.3k sf building was built in 1961 and sits on 0.23 acres. The apartment building features all one-bedroom units and includes amenities such as an onsite laundry room and covered carport parking.

CBRE’s Blackwell and Boukather represented the buyer in this deal. According to Blackwell, the property’s strategic location near employment, parks, schools, shopping and freeways, combined with robust rental demand and projected growth, allowed the buyer an immediate opportunity to improve the gross potential income and increase property value through a well-executed renovation plan.

CBRE structured the debt for the buyer to best align with the buyer’s value-add business plan for 10761 Palma Vista Avenue. CBRE’s Gianni Novo procured competitive bridge financing for the client.

The properties are located in Northeast Garden Grove, close to popular attractions such as Disneyland Park, Disney California Adventure Park, the Anaheim Convention Center, Angel Stadium, Honda Center, Loara High School, and The Promenade Shopping Center. Residents benefit from convenient access to CVS, Food 4 Less, Lake Intermediate School, Stoddard Elementary School, Simmons Elementary School, and Anaheim Urgent Care. Additionally, the properties enjoy excellent access to Interstate 5 and the 22 freeway, providing residents with easy connectivity to the broader Southern California region.






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