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GARDEN GROVE, CA-The 80-unit Olive Tree Apartments have been sold to the Garden Grove Housing Corp. of Newport Beach in a deal valued at $7.3 million.

Located at 13902-13040 Taft St., the 75,978-sf property on five acres was previously owned by Olive Tree Apartments LLC of Irvine. Containing a pool, spa, recreation room and one-car garages, the property consists entirely of one-story buildings with spacious, one-, two- and three-bedroom units.

Built in 1963, the buyer plans to hold the property long-term and will most likely do some rehabilitation on the property although, overall, the complex is in decent shape. “It was a clean deal,” says broker Jay Skenderian. “There aren’t very many single story deals out there in the marketplace.”

Brokers from Morgan Skenderian Investment Real Estate Group and Investment Property Group both of Newport Beach co-listed the property and represented both the buyer and seller in the transaction.

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