GARDEN GROVE, CA-GlobeSt.com has learned exclusively that 9155 Central Ave. LLC of San Mateo has sold Park Grove, a 245-unit apartment community here, to Park Grove Capital Partners LLC, a private-capital investor from Southern California, for $47.5 million or $193,877 per unit. The two-story, garden-style property offers one-, two- and three-bedroom plans.
The transaction was negotiated by Shane Shafer of the Newport Beach office of Hendricks-Berkadia. Community amenities include swimming pools, poolside WiFi, a spa, Zen garden, fitness center, clubhouse, business center, picnic area, rentable storage and 29 laundry rooms.
The two-story, garden-style apartment community, which was built in 1967, is located 10 miles from Seal Beach and 6.5 miles from Disneyland. Top employers surrounding the community include Walt Disney Parks & Resorts, Hilton-Anaheim Convention Center, Quicksilver and Garden Grove Hospital & Medical Center. Residents can easily access State Route 22, I-405 and I-5 from the complex.
According to Hendricks-Berkadia, the Orange County metro-area multifamily vacancy rate decreased 10 bps to 4.7% in the third quarter of 2013, while rents increased 1.1% to $1,753 per month. As GlobeSt.com reported yesterday, the slowdown in apartment construction in Orange County during the first three quarters of the year will come to an end as more than 1,000 units come online this quarter, lifting annual deliveries to 2,000 units, Marcus & Millichap reports. The respite from new construction that facilitated improving operations over the first three quarters is over, and vacancy rates may see modest increases as a result, according to the firm.
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