The property is a four-building complex at 2500 La Palma Ave. that was built in 1972 and was 95% occupied at the time of the sale. Jerry Giglio and Chris Giglio of the Anaheim office of Grubb & Ellis represented the seller, a family trust that had owned the property for 15 years. The buyer was represented by Mike Gormley of Real Estate Alliance.
The 56 units include 36 one-unit apartments and 20 two-bedroom units. The one-bedroom units average 696 sf and the two-bedrooms average 960 sf. Rents average $875 for the one-bedroom units and $995 for the two-bedroom units. Amenities at the complex, which is a gated property, include a pool and air conditioning.
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