An apartment community located in Garden Grove, California, is recently acquired for about $53-million by two real estate companies. While plans for remodeling an old town hotel in downtown Los Angeles has forced mariachi musicians out. The old town hotel— Boyle Hotel has been a home for some mariachi musicians, who are living in the 122 year old building for decades.
The apartment community acquired by MG Properties Group and Phoenix Realty Group is said to offer quality and affordable apartment units to employees of Garden Grove, California’s sporting venues, hotels, theme parks, and medical buildings.
The apartment community was completed in 1968 but has undergone extensive redevelopment over the past decades. According to a press release, the 402-apartment community is acquired by PRG’s institutional real estate fund.
Amenities in the apartment community include a clubhouse, movie room, fitness center, and basketball, swimming pool, Jacuzzi, barbecue area, tennis courts and covered parking space.
According to PRG’s managing director, Alex Saunders, the community is inline with the company’s investment plan and will serve the area’s major employers including University of California Irvine Medical Center and Disneyland’s theme parks.
Crystal View, the apartment community offers one-bedroom and two bedroom apartment units and studios, which is located at 12091 Bayport Street, Garden Grove.
MGPG senior vice president, Justin Smith said the company’s recent transaction with PRG is also inline with its corporate strategy of buying quality assets in recovering real estate markets.
Besides the apartment community, PRG also acquired a 256-unit apartment complex in New York last month, with Property Resources Corp.