Jamboree acquired the units, which are known as the Grove Park portfolio, in 13 eight-plexes, in a transaction that was brokered by John L. Nguyen, a vice president investments and a director of the firm's National Multi Housing Group in Newport Beach, who represented the seller and the buyer. All 13 properties closed escrow together, notes Nguyen. The apartments unit mix consists of 72 one-bedroom/one-bath units, 16 two-bedroom/one-bath apartments and 16 three-bedroom/two-bath units.
Jamboree, which plans a kickoff for the renovations on Tuesday, May 11, notes that the apartments are in Garden Grove's Buena Clinton neighborhood, which is part of an overall redevelopment area and plan that span more than two decades. "This extensive redevelopment has played a significant part in reducing crime and improving stability," the housing developer says in a prepared statement regarding the project.
Jamboree's renovation of Grove Park will provide work force housing to families who earn between 30% and 60% of the area median income. For example, a family of four earning $46,500 (50% of area median income) will pay about $1,141 in rent for a three-bedroom unit.
The rehabilitation of this property will include a number of green features and will offer free resident services and programs tailored to the unique needs of Grove Park's residents. The renovation is slated for completion in February 2011.
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