CBRE announced the sale of a 10–unit multifamily property in Garden Grove, California to a private buyer for $2.875 million, representing $287,500 per unit and $334 per square foot. This marks the first time the property was listed for sale in over 60 years.
CBRE’s Executive Vice President Dan Blackwell and Senior Associate Andrew Boukather represented the seller and buyer, both private investors based in Orange County, California.
“Through our marketing efforts, we were able to procure multiple competitive offers,” Blackwell noted. “The buyer was sourced through our extensive investor network.”
Recent capital improvements encompass exterior paint, a new sprinkler system, updated gas lines, and new garage doors. Notably, four units underwent comprehensive renovations.
According to Boukather, “The acquisition of 11821 Stuart Drive presented a value-add opportunity for the buyer in a strong, sought-after rental market. The new owner can potentially increase rents by 25% and achieve an approximate cap rate of 6.25% through a renovation plan.”
Boukather further highlighted, “This property offers an ideal Garden Grove location, just a couple of blocks from Garden Grove Blvd., and its proximity to Orange County’s most popular tourist destinations, including the Disney resorts and the Anaheim Convention Center.”
CBRE Multifamily SoCal Team is also representing the seller of 11821 Stuart Drive in the sale of a multifamily property in Los Angeles County, currently in escrow and expected to close in late November.
Additionally, Blackwell and Boukather recently concluded the sale of two multifamily properties near the intersection of Euclid Street and Katella Avenue in Garden Grove. They represented both the buyer and seller in the sale of an eight-unit multifamily property at 10772 Palma Vista Avenue, with a sale price of $1.87 million, equating to $233,125 per unit and $383 per square foot. In the second transaction, they represented the buyer in the sale of a six-unit multifamily property located directly across the street at 10761 Palma Vista Avenue, with a sale price of $1.44 million, representing $240,000 per unit and $380 per square foot.
