Two apartment complexes in Garden Grove sold in recent weeks for a combined $17.36 million, according to CBRE.
The properties include 48 units, with each transaction involving separate buyers and sellers.
“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.”
The first property, Meadow Grove, sold Sept. 2 for $12.91 million, or $391,333 for each of its 33 apartments at 13882 Clinton St. The property was built in 1985.
CBRE represented the heirs of the original owner-builder and found the Orange County-based buyer. Neither was identified.
Meadow Grove includes five, two-story buildings on a 1.52-acre lot. All units feature three-bedroom floorplans averaging 979 square feet.
Amenities include a playground, laundry room and 86 parking spaces across garage, subterranean and open formats.
CBRE said that eight units had been partially or fully renovated. Over $665,000 in recent capital improvements have been made, and the site offers ADU potential through garage conversions.
The second property at 12841-12879 Nutwood St. sold Aug. 14 for $4.45 million or $296,667 per unit.
The complex includes 15 units across six one- and two-story buildings on a 0.8-acre parcel.
Saywitz buys Anaheim complex
A 65-year-old apartment complex in Anaheim sold Sept. 9 for $3.35 million to Barry Saywitz of Saywitz Properties.
The 14-unit property at 1803 and 1807 W. Sumac Lane was sold by the Nacham Family Trust.
The buildings include two, seven-unit apartment buildings on adjacent parcels with eight one-bedroom, one-bathroom units and six two-bedroom, one-bathroom units.
Built in 1960, the property has undergone upgrades including new garage doors, water heater, gas lines, and a repipe of the hot water lines. Tenants amenities include a community courtyard, secure gated access, garage parking and on-site laundry facilities.
Saywitz paid all cash, according to Morgan Skenderian Investment Real Estate Group. He now plans to improve the rental income and condition of the property through upgrades and renovations, the brokerage said.
Morgan Skenderian represented the seller and buyer.
Long Beach units converting to affordable housing
Avanath Capital Management in Irvine is converting just under half of a Long Beach apartment complex into affordable housing.
The firm said it is restructuring 40% of the 358 units at Seaport Village by restricting rents to those who earn up to 80% of area median income.
“As part of our ownership strategy, we continue to evaluate ways to enhance the long-term value of our portfolio and best serve our residents,” said John R. Williams, president at Avanath.
Williams said the firm used California Municipal Finance Authority’s Charitable Housing Program to convert the units at 5601 Paramount Blvd.
Two beach icons honored
Two beach-related architectural projects in Orange County were honored Sept. 16 at the American Institute of Architects Orange County Chapter design awards gala held at the Edwards Lifesciences campus in Santa Ana.
The Crystal Cove Conservancy was honored with the Special Commendation for Site Innovation for the restoration of the historic Crystal Cove North Beach Cottages. The 12-acre community of 46 beach cottages listed on the National Register of Historic Places “exemplifies California’s early 20th-century seaside architecture,” the association said.
Also honored was Herbert Brownell Architects, which received the 25-Year Design Award for a mid-century modernist residence in Corona del Mar. The home in the Shore Cliffs community is the last remaining one out of the half-dozen designed by the architectural firm James Herbert Brownell more than 70 years ago.
“Orange County’s architecture is often overlooked and understudied but we have been quietly building an impressive portfolio that reflects innovation and appreciation of the built environment,” said Meghana Joshi, president of AIAOC. “The award-winning projects this year not only remain visually compelling more than two decades later, but they’ve also continued to serve and inspire their communities in powerful ways. They are timeless projects, and that is one of the ultimate measures of great design.”
On the move
Nick Carrillo is the new chief executive officer at the Western Wall and Ceiling Contractors Association. He succeeds his father, Albert Carrillo, the association’s CEO since 2016. Nick Carrillo has nearly two decades of construction industry and trade association leadership experience, including almost six years with WWCCA.
Shane Shafer, a multifamily investment expert, has joined Colliers as an executive vice president in the firm’s Orange County brokerage. He has two decades and previously led Northmarq’s Southern California Multifamily Investment Sales Team.
SRS Real Estate Partners in Newport Beach has created a retail team specializing in tenant representation. Jeff Straka, Debra Hoppe andHannah Rogers joined the firm from Main + Main. Straka returns to SRS with more than three decades of experience in corporate and brokerage roles. Hoppe specializes in tenant representation while Rogers joins as a senior associate with experience in tenant representation and collaborations with regional and national landlords.
Milestones
Matthew VanEck, a senior vice president at Kidder Mathews in Irvine, recently was awarded the Counselor of Real Estate designation. The organization created in 1953 features experts recognized for “their ability to provide objective advice and innovative solutions to complex real estate challenges.” There are just 1,000 professionals in 22 countries and U.S. territories with this credential, according to the organizaiton. “I look forward to actively contributing to the organization’s work, continuing to expand my expertise, and building meaningful connections with peers who are advancing excellence in commercial real estate,” said VanEck in a statement. He has worked across 30 states and the District of Columbia in his 20 years in the industry.
The real estate roundup is compiled from news releases and written by Business Editor Samantha Gowen. Submit items and high-resolution photos via email to [email protected] . Please allow at least a week for publication. All items are subject to editing for clarity and length.
