Friday, September 30, 2011

Newport Marina Apartments in California Commands $14.85 Million

NEWPORT BEACH, CA – Institutional Property Advisors (IPA), a recently formed multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of The Newport Marina Apartments (top left photo), a 64-unit apartment complex in Newport Beach. The sales price of $14,850,000 represents $232,031 per unit.

 Stewart I. Weston (middle right photo), a senior vice president investments of IPA, represented the seller, Newport Marina LLC, in this transaction. Weston also represented the buyer, Newport Waterfront Apartments LLC, which is managed by a Los Angeles-based investment group.   

Newport Marina apartments is Located at 919 Bayside Drive in Newport Beach.  Constructed in 1964, the property is situated on 4.09 acres of waterfront land with expansive bay views with nearly 1,100 feet of water frontage on Newport Harbor and Promontory Channel.

The low-density project includes 64 large, condominium-style residences within 14 buildings surrounded by coral trees and lush landscaping, a private beach and boat slips that can accommodate up to 34 boats.

“The building was sold subject to a favorable ground lease on an exceptional bay front property,” says Weston.  “Properties like this don’t come around that often.

 “The ground lease does not expire for another 32 years, giving the new owner ample time to enjoy his piece of paradise.

"Over the long term, the rents at Newport Marina will continue to out grow other prime markets, which should provide the owner with an above market yield; especially because of its waterfront location on one of the world’s most desirable harbors, a lack of comparable bay front multifamily properties and the high barriers to entry in this Orange County submarket,” he adds.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

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