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| The Waterfront, Newport Beach, CA |
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| Stewart I. Weston |
NEWPORT BEACH, CA –
Institutional Property Advisors (IPA), a brokerage division of Marcus &
Millichap serving the needs of institutional and major private investors, is
pleased to announce the sale of The
Waterfront, a 17-building, 64-unit, bayfront multifamily community in
Newport Beach, Calif.
IPA senior director Stewart
I. Weston represented the seller, BT Real Estate Group. The buyer is
Waypoint Property Group.
“The
Waterfront is one of just three bayfront properties in Newport Beach,” says
Weston.
“With approximately 1,000 linear
feet of water frontage on Newport Bay, 34 boat slips and a private beach, the
asset exhibits an undeniable presence. Revenue enhancement opportunities exist
for the new owner through the continuation of the renovation program that began
in 2011.”
The
property was built in 1964 at 919 Bayside Drive in Newport Beach overlooking
Newport Harbor and across from Balboa Island, which is accessible via a
pedestrian bridge.
For a complete copy
of the company’s news release, please contact:
Gina Relva,
Public Relations Manager
(925) 953-1716
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