Tax Credit Buyer Acquires Garden Grove Affordable MF
Connect California – July 28, 2017
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Garden Grove Manor Apartments, a 78-unit cooperative community in Garden Grove, CA, traded hands for $13.2 million. The buyer was an Orange County-based affordable housing developer, which converted the property to affordable units upon close of escrow.
The property is located at 10642 Bolsa Ave., and includes a mix of one-, two- and three-bedroom units. The asset, which includes 31 project-based Section 8 units, was purchased by a local tax credit buyer via bond financing.
Sperry Commercial’s Frank Dinari represented the buyer, as well as the seller, Garden Grove Manor, Inc. Dinari notes investor interest was strong, with 18 offers generated for the property and it selling 4% above the listing price.
