EREP TVG Crystal View LP Acquires 402-Unit Crystal View Apartments In Garden Grove For $132.5M

The transaction involved the sale of a multifamily asset located at 12091 Bayport Street in Garden Grove, CA, consisting of 402 units. The sale price was $132,500,000, translating to approximately $329,602 per unit. This 1968-built workforce housing asset is situated in a competitive Orange County rental market characterized by low vacancy rates and limited new supply.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $132,500,000
• Units: 402
• Price Per Unit: $329,602
• Buyer: EREP TVG Crystal View LP
• Seller: Jonathan Slager - Bridge Investment Group
• Brokers: Geoff Boler, Joseph Smolen, Jonathan Merhaut, Eugene Chong & Blake Matsuda - Newmark
• Mortgage Brokers: Lee Redmond & Nick Schroeder - Newmark

Newmark Group facilitated the transaction, bringing together the buyer EREP TVG Crystal View LP and the seller Jonathan Slager from Bridge Investment Group. The deal reflects ongoing demand for value-add multifamily properties in the area.