Lend Lease Plucks Complex for $23.15 Mil

GARDEN GROVE, CA-A Garden Grove multifamily complex has been plucked for $23.15 million by a San Francisco-based entrepreneurial buyer.

Known as Rancho Valencia Apartments, the complex stands at 9155 Central Ave. The 245-unit property was 97.5% occupied at the time of sale.

The buyer, Lend Lease Real Estate Investors, was represented by a Grubb & Ellis team consisting of Baron Jones, Jerry Giglio, William DuBrowa and Arlan Murata. The same team represented the seller, Irvine-based Bascom Group.

The transaction follows the sale of a 164-unit Buena Park apartment complex. The buyer paid $13.2 million for the property, as reported last week by Globest.com. Located at 707-719 Knott Ave., the complex is known as Bascom Villas. The buyer was Gardena-based Boseker Family Trust and the seller was 707-719 Knott Avenue Apartments LLC.

Although apartment product here continues to sell at high prices, there have been some signs recently that the county’s multifamily market may be starting to weaken. According to local experts, demand has started to slow somewhat as people have begun migrating out of the area due to job losses, economic worries and a high cost of living.