IRVINE, Calif., Aug. 29, 2017 (GLOBE NEWSWIRE) -- Sperry Commercial Global Affiliates today announced the successful closing of Garden Grove Manor Apartments in Garden Grove, California, for $13.2 million. Frank Dinari of Sperry’s Irvine office represented the seller, Garden Grove Manor, Inc., and the buyer in the transaction.
Built in 1971, Garden Grove Manor Apartments consists of 78 cooperative apartment units. The community sits on Bolsa Avenue between Ward and Starboard Street in the City of Garden Grove. Unique to this transaction is the fact that this property was originally built and designed as a cooperative community, whereby each resident is an individual shareholder and not a tenant. Upon close of escrow, the property will be converted into an affordable housing community and the residents who qualify under the California Income Level Tax Credit program will then become tenants. Unlike New York, cooperative properties are extremely rare in California.
“We generated 18 offers and ultimately selected a local Orange County affordable housing developer as the final buyer,” said Frank Dinari, senior vice president at Sperry Commercial. “The property’s class C designation, ideal location, and unit mix all make it a superior investment opportunity for the buyer,” Dinari added.
About Sperry Commercial Global Affiliates, LLC: Sperry Commercial Global Affiliates, LLC strives to offer the highest level of commercial real estate services available through thoughtful, cooperative, and ethical practices. The firm is headquartered in Irvine with more than 15 independently owned and operated offices located throughout the Western United States. Unique to Sperry Commercial Global Affiliates, LLC are a system of tools for affiliates that include a comprehensive real estate intranet and transaction management platform named Sperry CENTRAL and a custom designed marketing support software system called SperryLINK, among other immediate industry advantages. For more information, visit www.sperrycga.com.