Marcus & Millichap Brokers the Sale of an Eight-Unit Multifamily Portfolio in Garden Grove

GARDEN GROVE, Calif., May 16, 2024 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of an eight-unit multifamily portfolio located in Garden Grove, California. The asset sold for $3,000,000.

“We are pleased to announce the completed sale of 13262 & 13282 Verde Street, a two-property, eight-unit multifamily investment portfolio located in Garden Grove, California. We were hired with the goal of facilitating the sale by the owners of more than 40 years. The seller lives out-of-state and decided it was in their best interest to move on from their management intensive apartment asset,” said Logan Perry, investment associate in the Marcus & Millichap’s Orange County office. “With the sale of this two-property offering, it was attractive for the seller to have both properties sold together to streamline the sales process, offering a seamless and efficient experience. Our relationships in the Orange County apartment market allowed us to procure a competitive offer from an experienced investor who had been searching for a value-add apartment project. We were happy to assist both sides of this transaction and facilitate a fantastic result for both parties!” Perry, along with Matthew J. Kipp, first vice president investments in the firm’s Orange County office had the exclusive listing to market the properties on behalf of the seller, a private investor. The buyer, a private investor, was also procured by Perry and Kipp.

This diverse portfolio is located at 13262 & 13282 Verde Street in Garden Grove, California. With seven of the eight units featuring in-unit laundry hookups, covered garages and private patios and balconies, this multifamily asset has an over 95 percent rental upside potential. Consisting of a mix of one, two and three-bedroom floor plans, residents are steps away from retail, dining and entertainment options. As well as convenient access to State Route 22, connecting residents to employment hubs throughout Orange County, and popular destinations including Disneyland, Angel Stadium and the Honda Center.

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About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.