CBRE announced the sale of two multifamily properties in Garden Grove totaling 48 units and $17.36 million. Both assets, Meadow Grove and Nutwood Street, had never been offered for sale before, underscoring the rarity of generational ownership transfers in the city.
The transactions involved separate buyers and sellers, highlighting continued investor demand for well-located, value-add multifamily opportunities in Garden Grove.
“Garden Grove remains a high-demand rental market with limited supply, quality schools and significant barriers to homeownership,” said Dan Blackwell, executive vice president at CBRE. “With five-year rent growth averaging 4.6% annually and proximity to major employment centers and cultural districts, the city continues to attract investors seeking long-term stability.”
Clinton Street
The first property, Meadow Grove, a 33-unit multifamily community located at 13882 Clinton Street, sold for $12.91 million ($391,333 per unit and $400 per square foot).
“The team generated 10 property tours and multiple offers,” said Blackwell. “The CBRE multifamily advisors guided the family through ever step — from market preparation to the team’s full marketing campaign to securing the right buyer.”
Meadow Grove comprises five two-story buildings with 32,313 rentable square feet on a 1.52-acre lot. All units are large three-bedroom floorplans averaging 979 square feet, each with a private patio or balcony. The property includes an on-site playground, laundry room and 86 parking spaces across garage, subterranean and open formats. Eight units have been partially or fully renovated. Over $665,000 in recent capital improvements have been made, and the site offers ADU potential through garage conversions.
“Built and operated by one ownership group, this asset has been well maintained by owners who have held a long-term ownership approach by investing substantial capital,” said Jack O’Connor, senior associate at CBRE. “The seller is cashing out after three generations of ownership, having originally built the property.”
O’Connor added, “Meadow Grove’s current rents are approximately 15% below market, offering a value-add opportunity for the buyer. closing cap rate was 5.78%, with a pro forma cap rate estimated at 6.90%.”
Nutwood Street
The second property, located at 12841–12879 Nutwood Street, includes 15 units across six one- and two-story buildings totaling 11,414 rentable square feet on a 0.8-acre parcel. CBRE’s Blackwell, O’Connor and Amanda Fielder represented the Orange County-based seller and the Los Angeles County-based all-cash 1031 exchange buyer. who sold out of commercial to add to their existing multifamily portfolio.
The unit mix includes nine single-story one-bedroom units built in 1953 and six two-bedroom units built in 1986. All units feature private yards or balconies, and the property is well parked with 15 garage spaces and 17 open spaces. Five units have been renovated with PEX piping, and all one-bedroom units have brand-new electrical subpanels.
According to Blackwell, CBRE’s marketing campaign generated multiple tours and competitive offers. In-place rents are approximately 32% below market, positioning the asset for future upside and a potential market cap rate of 6.82%.
“The Orange County multifamily market continues to tighten, with Q2 2025 occupancy reaching 96.5% and average rents climbing to $2,906 per unit,” said Amanda Fielder, senior associate at CBRE. “Investors are increasingly drawn to submarkets like Garden Grove, where limited supply and strong tenant demand support long-term growth.”
CBRE’s multifamily team has 180 units for sale across various properties in Southern California, including an eight-unit property in Garden Grove.
