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Garden Grove Multifamily Changes Owners After 60-Year Hold
CBRE arranged the sale of a 10-unit multifamily property in Garden Grove 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 more than 60 years.
EVP Dan Blackwell and senior associate Andrew Boukather represented the seller and buyer, both private investors based in Orange County. “The acquisition of 11821 Stuart Dr. presented a value-add opportunity for the buyer in a strong, sought-after rental market,” said Boukather. “The new owner can potentially increase rents by 25% and achieve an approximate cap rate of 6.25% through a renovation plan.”
Located at 11821 Stuart Dr., the two-story apartment building was constructed in 1958. The unit mix consists of three one-bedroom and seven two-bedroom floor plans. Recent capital improvements encompass exterior paint, a new sprinkler system, updated gas lines, and new garage doors.
- ◦Sale/Acquisition
