CBRE has brokered the sale of an eight-unit multifamily property in Garden Grove, California to a private investor.
The purchase price of US $2,225,000 represents US $278,125 per unit and over US $438 per square foot.
CBRE Executive Vice President Dan Blackwell represented the seller, a repeat client based in Los Angeles. The buyer is from Orange County, California.
He says: “Our exclusive marketing process generated multiple competitive offers for this stabilized asset and sold at 97 per cent of the asking price, reflecting the continuing demand for well-located multifamily properties in Orange County.
“The property features seven one-bedroom units and one two-bedroom unit. All of the units were recently renovated, which was very appealing to the buyer.
“We have worked with this repeat client for many years and our team is currently marketing for sale another eight-unit multifamily property in Garden Grove and is representing the client in the purchase of 32 units in Bellflower and 10 units in Fullerton.”
The property is located at 10651 Tibbs Circle in Garden Grove, near the intersection of Katella Avenue and Palmwood Drive. The 5,076-square-foot, two-story apartment building, which was built in 1960, sits on a 9,224-square-foot lot (approximately 0.21 acres). The units have individual water heaters and ample parking. The property also has an on-site laundry room.
Recent capital improvements include vinyl plank flooring, new countertops, new wall fixtures and lights, stainless steel appliance package, new cabinet hardware and handles, new bathroom vanities, toilets and bathroom fixtures and new windows in select units.
The Tibbs Circle property is located near parks, health services, restaurants, entertainment options and public transportation. The Disney resorts and Great Wolf Lodge Garden Grove are only a few miles away. The property is also conveniently located to Interstate 5 and CA-22 freeways.
The city of Garden Grove is situated approximately 25 miles southeast of downtown Los Angeles and is the 5th largest city in Orange County. Incorporated in 1956, the city spans an area of 17.8 square miles and borders the city of Anaheim, which welcomes 25 million visitors annually. With an estimated population of 171,607, Garden Grove supports a strong economy with an average household income of US $107,824. Furthermore, the city is in the heart of a bustling section of Orange County, offering opportunity and chances for growth.
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