Marcus & Millichap Sells Orange County, CA Multifamily Property for $10.8 Million

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Stewart I. Weston

NEWPORT BEACH, CA – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Fairway Villas, a 32-unit multifamily apartment property in Newport Beach, Calif. 

The $10,800,000 sales price equates to $337,500 per unit.

            Stewart I. Weston, senior director, Tyler C. Leeson, vice president investments and W. Michael Cavner, associate director, all in Marcus & Millichap’s Newport Beach office, represented the seller, Silverado Canyon Partners.

Joseph Berkson, first vice president investments, also in the firm’s Newport Beach office, represented the buyer, a private Orange County-based real estate investor.

“The property has an irreplaceable location between the Newport Beach Golf Course and the Santa Ana Country Club and is near some of the largest employment areas in Orange County, including the South Coast Metro and John Wayne Airport,” says Weston.          

Tyler C. Leeson

“The previous owner spent more than $1 million in capital improvements on the asset,” adds Berkson.

Fairway Villas is located at 20122 Santa Ana Ave. in Newport Beach, directly across the street from the Santa Ana Country Club and close to California state routes 73 and 55.

Constructed in 1963 and extensively renovated in 2006, the apartment community is composed of nine residential buildings situated on more than two acres.

The unit mix is 12 two-bedroom/two-bath apartments and 20 three-bedroom/two-bath townhomes. Every unit has washer and dryer connections, gas stove, gas fireplace, large private patio or balcony and a garage space.

For a complete copy of the company’s news release, please contact:

Gina Relva

Public Relations Manager

Marcus & Millichap

(925) 953-1716