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24-Unit Apartment Complex Sells for $1.28 Mil

GARDEN GROVE, CA-A private investor has purchased an apartment complex with 24, one-bedroom units for $1.28 million. The complex was 100% occupied at the time of sale.

By Joel Cone | Updated on April 25, 2001

GARDEN GROVE, CA-Private investor David Dunn of Fullerton has purchased the Shelly Apartments complex from the Rutledge family of Lake Elsinore in a transaction valued at $1.28 million.

Built in 1961, the complex is located at 12561, 12591 and 12601 Shelly Dr. In all, the complex consists of three, two-level, eight-unit buildings, each sited on separate parcels that are not contiguous. However, two of the three buildings share a common courtyard. The new owner has no plans to rehab the properties, which were 100% occupied at the time of sale.

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