$10.55M Sale of Apartment Community in Newport Beach, CA Arranged by Marcus & Millichap

NEWPORT BEACH, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Las Casitas Garden Apartments, (top right photo) a 52-unit multi-family community in Newport Beach.

The sales price of $10.55 million represents $202,885 per unit and a cap rate of approximately 5 percent.

Michael Lawrence, a senior vice president investments in the Newport Beach office of Marcus & Millichap, and Joseph Berkson, a vice president investments also in the firm’s Newport Beach office, represented the seller, a local family partnership. Kevin Struve, a vice president investments in the firm’s Ontario office, and Eric Chen, an associate also in the firm’s Ontario office, represented the buyer, a Northern California-based private investor.

“Las Casitas Garden Apartments offered an excellent value-added opportunity for the buyer. This property will present significant future rent growth in one of the strongest rental markets in the nation, situated near core business districts and the University of California, Irvine,” says Lawrence.

“Despite a considerable slowdown in apartment sales and a tough market for financing, we were fortunate to have generated substantial investor interest in this property from local investors and investors throughout the United States,” adds Berkson.

Located at 20102 Southwest Birch St., the 45,938-square foot apartment community consists of five two-story buildings on a 1.75-acre lot.

Las Casitas Garden Apartments features a mix of one- and two-bedroom units. Community amenities include a swimming pool with sundeck, ample parking, on-site laundry facilities and a well-equipped fitness center.

Unit amenities include gas stoves, ovens, dishwashers and gas wall heating. Additionally, each unit has either a spacious, private patio or balcony, most of which overlook the central courtyard and swimming pool.

Press Contact: Stacey Corso Communications, Department, (925) 953-1716