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9/19/25
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Two Garden Grove multifamily properties totaling 48 units sold in deals with a combined price of $17.36 mil. Both assets had never been offered for sale before, underscoring the rarity of generational ownership transfers in the city. The transactions involved separate buyers and sellers.
“Garden Grove remains a high-demand rental market with limited supply, quality schools and significant barriers to homeownership,” said Dan Blackwell, executive vice president at CBRE. “With five-year rent growth averaging 4.6% annually and proximity to major employment centers and cultural districts, the city continues to attract investors seeking long-term stability.”
13882 Clinton St, Garden Grove |
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One of the properties, Meadow Grove -- a 33-unit multifamily community located at 13882 Clinton St -- sold for $12.91 mil ($391.3k/unit and $400/sf). Built in 1985 by the original developer, Meadow Grove comprises five two-story buildings with 32.3k sf on a 1.52-acre lot.
All of the units are large three-bedroom floorplans averaging 979 sf, each with a private patio or balcony. The property includes an on-site playground, laundry room and 86 parking spaces across garage, subterranean and open formats. Eight units have been partially or fully renovated. Over $665k in recent capital improvements have been made, and the site offers ADU potential through garage conversions.
CBRE’s Dan Blackwell and Jack O’Connor represented the heirs of the original owner-builder and identified the Orange County-based buyer. According to Blackwell, the listing generated 10 property tours and multiple offers.
O’Connor added, “Meadow Grove’s current rents are approximately 15% below market, offering a value-add opportunity for the buyer,” noted O’Connor. “The closing cap rate was 5.78%, with a pro forma cap rate estimated at 6.90%.”
The second property, located at 12841–12879 Nutwood St, includes 15 units across six one- and two-story buildings totaling 11.4k sf on a 0.8-acre parcel. The property sold for $4.45 mil ($296.7k/unit and $390/sf).
The unit mix includes nine single-story one-bedroom units built in the 1950s and six two-bedroom units built in 1986. All units feature private yards or balconies, and the property is well parked with 15 garage spaces and 17 open spaces. Five units have been renovated with PEX piping, and all one-bedroom units have brand-new electrical subpanels.
CBRE’s Blackwell, O’Connor and Amanda Fielder represented the Orange County-based seller and the Los Angeles County-based all-cash 1031 exchange buyer. The transaction closed at a 4.10% cap rate, with a 29-day escrow. Blackwell notes that the in-place rents are approximately 32% below market, positioning the asset for future upside and a potential market cap rate of 6.82%.
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