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2/12/21
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Avanath Capital Management LLC has purchased The Grove Senior Apartments, an 85-unit senior housing community in Garden Grove, for $19.85 mil, or $233.5k/unit. The property was acquired from Meta Housing, an affordable housing developer based in Los Angeles.
The Grove, which is currently 100% occupied, consists of a single, four-story garden-style building that features a variety of amenities including a fitness center, club room, courtyard, and bus stop directly in front of the property. It is is located at 12721 Garden Grove Blvd, just off the 22 and 5 freeways and adjacent to the Garden Grove Hospital and Medical Center.
Meta Housing, the developer of the community and previous owner, offered social programs at the community including Senior Olympics, computer training, language classes, gardening clubs, arts and crafts, and health and wellness activities, among others. Avanath plans to continue and expand these in-place social programs, including the addition of its virtual gym memberships offering through Wellbeats to residents.
“The apartment community has remained 100% occupied and has maintained collections throughout the pandemic,” says Daryl Carter, Founder, Chairman and CEO of Avanath Capital Management. “This speaks to the quality of the asset, as well as the tremendously high demand and need for affordable housing among seniors in the area.”
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