GARDEN GROVE, CA, 1/4/2022 – Announced today is the sale of the Chapman Villa Apartments, a 19,345 square-foot apartment community completely comprised of two-bedroom units situated over four contiguous parcels, located in Garden Grove, CA. The final sales price was $8,150,000 or $339,500 per unit, which makes this the highest selling apartment community in the 92841 zip code.
Greg Bassirpou, Senior Vice President Investments in Marcus & Millichap’s Orange County office, secured and represented both the seller and the buyer, both of which are Local Limited Liability Companies. “The property is located in a highly desirable area, next to a quiet residential tract and the Seller was able to maximize value with an extensive renovation of the exterior and interiors. The Buyer was able to fulfill their 1031 Exchange and acquire a stable, turnkey property that provides good cash flow and good projected rent growth.”, according to Greg Bassirpou.
Feature Article by Samantha Gowen with the Orange County Register.