GARDEN GROVE, CA - Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of City Villas, 148-unit apartment complex in Garden Grove, Calif. The $28 million sales price equates to $189,000 per unit. IPA senior director Stewart I. Weston advised the seller, Fowler Property Acquisitions. The buyer is Benedict Canyon Equities Inc.
“The acquisition of City Villas presents the new owner with an outstanding value enhancement opportunity,” says Weston. “Demand for infill Orange County apartment units is high and this asset has yet to undergo a major renovation program.”
Built in 1964 on 9.5 acres at 13061 Lampson Ave. in Garden Grove, Calif., the property is located diagonally across from Twin Lakes Freedom Park, which is currently undergoing a $25 million county- and state-funded renovation. Major nearby employers include Garden Grove Hospital Medical Center, the Hilton Anaheim, the Los Angeles Angels of Anaheim, the Coast Community College District, Aramark and the Disneyland Resort.
Apartment amenities at City Villas include sound-resistant walls, private patios in single-story units, dishwashers, ceiling fans and spacious closets, washer/dryers in single-story, one-bedroom units and washer and dryer connections in all other units.
Community amenities include two swimming pools, a basketball court, an on-site laundry facility, a covered barbecue area, carport and open parking, a stand-alone leasing office, large private patios and expansive greenbelts.