Thursday, April 30, 2015

IPA Sells Rare Bayfront Property in Newport Beach, CA for $25.5 Million


The Waterfront, Newport Beach, CA


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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