(To read more on the multifamily market, click here.)
NEWPORT BEACH, CA-Four multifamily properties totaling 50 unitshave traded for $12 million here and in three other transactionsthat underscore the strong demand for apartment investments ofevery size in Orange County, according to Hendricks & Partners.The largest in dollar value was a $4.3 million deal for 12 unitsand the largest property in size was a 23-unit complex that soldfor $4.2 million.
The $4.3 million deal was the sale of the Rutland Apartments at1128 & 1142 Rutland Rd. in Newport Beach. Steven Brombal of theNewport Beach office of Hendricks & Partners calls int a primelocation in the area of Westcliff and Dover Drive, a few blocksfrom Newport's Back Bay and the Newport Harbor.
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