July 28, 2017
Early Bird Alert: Connect Apartments is planned for September 28th in Los Angeles. Here’s where to get more information and register.
Garden Grove Manor Apartments, a 78-unit cooperative community in Garden Grove, CA, traded hands for $13.2 million. The buyer was an Orange County-based affordable housing developer, which converted the property to affordable units upon close of escrow.
The property is located at 10642 Bolsa Ave., and includes a mix of one-, two- and three-bedroom units. The asset, which includes 31 project-based Section 8 units, was purchased by a local tax credit buyer via bond financing.
Sperry Commercial’s Frank Dinari represented the buyer, as well as the seller, Garden Grove Manor, Inc. Dinari notes investor interest was strong, with 18 offers generated for the property and it selling 4% above the listing price.
For comments, questions or concerns, please contact Dennis Kaiser