GARDEN GROVE, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of the Grove Park Apartments portfolio (top left photo) , a 13-building, 104-unit, 74,000-square foot multifamily community in Garden Grove.
The sales price of $14.3 million represents $137,500 per unit and $191 per square foot.
John L. Nguyen, a vice president investments and a director of the firm’s National Multi Housing Group in Newport Beach, represented the seller and the buyer.
“The portfolio was sold as an affordable housing development and all 13 properties closed escrow together,” says Nguyen. “The property is located in the Buena-Clinton area, which historically has been one of the most challenging areas within Garden Grove/Santa Ana.”
Five of the properties are located on Keel Avenue and eight are on Morningside Avenue in Garden Grove.
Garden Grove is located in northern Orange County, just south of Los Angeles. Garden Grove is known for its annual Memorial Day weekend Strawberry Festival, one of the largest community festivals in the western United States.
Marcus & Millichap Opens New Office in North Carolina
The office is located at 101 J Morris Commons Lane, Ste. 130, Morrisville, N.C. 27560. The phone number is (919) 388-1278 and the fax number is (919) 388-1542.
“During the next several years, there will be opportunity for growth throughout the Carolinas,” says Lucas. “By acting as long-term advisers to real estate investors and throughout the region, Marcus & Millichap will assist them in acquiring both local and out-of-state investment properties.”
Retail Center in Cerritos, CA Sold for $9.8M
The sales price of $9,839,600 represents $169 per square foot.
Chris Maling, a first vice president investments and a senior director of the firm’s National Retail Group (NRG) in Los Angeles, and David Maling, a vice president investments and a director of the NRG, also in Los Angeles, represented the seller.
“Currently operating at 91 percent occupancy, the center is anchored by national tenants Starbucks, Bally Total Fitness and Quiznos,” says Maling. “This stable investment gives the investor an opportunity for steady cash flow in an up-and-coming market.”
Newly renovated, Del Amo Plaza was constructed in 1963 on 4.69 acres.
Cerritos is located midway between downtown Los Angeles and the business centers of Irvine, Santa Ana and Anaheim in the heart of Southern California.
Marcus & Millichap Capital Corp. Refinances Multifamily Asset for $10.6M
Richard Judge, a senior director/vice president capital markets in the firm’s Newport Beach office arranged the loan for the property.
“The driving force behind this origination was my ability to negotiate relief of a $200,000 prepayment penalty with the existing lender and to procure $2 million in cash-out proceeds from the new loan for my client,” says Judge.
“This transaction is indicative of owners who are looking to place long-term fixed debt on assets earmarked as long-term holds in their portfolios and to utilize existing equity to acquire new assets. The deal closed in 30 days.”
The loan has a loan-to-value of 75 percent and a 5.82 percent interest rate, fixed for 10 years with a 30-year amortization.
The 108-unit property was built in 1969. The average unit size is approximately 850 square feet.
Lender-Owned Multifamily Asset in Arlington, TX Sold
Will Jarnagin and Michael Ware, multifamily investment specialists in the firm’s Dallas office, represented the seller, a regional bank. Marcus & Millichap also represented the buyer, a New York-based private equity investor.
“The Lodge at Legacy Park is representative of a highly sought-after asset type in the commercial real estate investment market– a well-built distressed asset in a solid location,” says Jarnagin. “Marcus & Millichap’s nationwide platform and in-depth knowledge of the Dallas/Fort Worth market assisted the lender in finding an extremely well-capitalized out-of-state buyer quickly. We were able to close the transaction in 11 days,” he adds.
The Lodge at Legacy Park was built in 1978 and has 384 one-bedroom/one-bath apartments, 24 two-bedroom/one-bath units and 68 two-bedroom/two-bath apartments. Amenities include a business center, two swimming pools, a hot tub, a picnic area and sand volleyball.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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