The property, which contains a mix of studio and one-bedroom units, is located in the Balboa Peninsula area of Newport Beach. Fetching 11 times its gross scheduled income, the complex has sold at a 5.5% cap rate.
The seller, KUVE Limited, was represented by Catherine Rubenstein of Colliers Seeley International's Investment Service Group.
Collins, who specializes in building custom homes, is currently focusing on Newport Beach property investments. He is one of many smaller investors who have begun buying up property in the Orange County multifamily market in recent months. This shift to smaller multifamily investors has occurred due to a combination of attractive financing and the migration of institutional investors out of the market, according to a recent report on the region by Marcus & Millichap Real Estate Investment Brokerage Co.
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