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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.