A 36-unit apartment building was sold to a local real estate investment firm for nearly $13 million.
Fountain Valley-based TN Investment Properties LLC bought Garden Walk Apartments, located at 12341 S. Lewis St. in Garden Grove, from Corona-based Cole Legacy Partners LLC, according to CoStar.
Garden Walk Apartments, built in 1963, was on the market for 148 days and sold on Sept. 3.
The 34,384-square-foot apartment complex sold for $356,944 per unit.
Garden Walk Apartments is located close to where Garden Grove meets Anaheim and Orange. Nearby landmarks include Disneyland, Angel Stadium, Honda Center, OCVibe and the Anaheim Regional Transportation Intermodal Center (ARTIC).
Homes.com described the property as offering the new owner “the unique opportunity to take advantage of existing open and amenity space to add units via new construction and/or accessory dwelling units (ADU), substantially increasing cashflow.”
Tyler Leeson, an executive managing director at Marcus & Millichap’s office in Irvine, was the property’s listing broker.
“This transaction marks the first time Garden Walk Apartments has traded hands in over 30 years. The seller elected to cash out of their long-held investment, while the buyer intends to renovate the units and reposition the property to achieve stronger rents,” Leeson said.
