NEWPORT BEACH, CA—Institutional Property Advisors, a brokerage division of Marcus & Millichap serving institutional and major private investors, has completed the sale of The Waterfront, a 17-building, 64-unit, bayfront multifamily community here.
IPA senior director Stewart Weston represented the seller, BT Real Estate Group. The buyer is Waypoint Property Group, and the price was $25.5 million.
“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. The Newport Peninsula, home of the famous Newport and Balboa piers and some of California’s finest beaches, is nearby. The Newport Center, a business, entertainment and shopping district known locally as Fashion Island, is approximately one mile away.
The Waterfront is a garden-style community with one- and two-bedroom floor plans that average 1,310 square feet. Renovated apartments feature stainless-steel appliances, large patio or balcony, large windows, fireplaces and new wood-style floors, cabinets, hardware, quartz countertops and recessed lighting. Select units also have new washers and dryers. Community amenities include private single-car garages, a salt-water pool, a poolside lounge and a freestanding leasing office and clubhouse.
With a network of senior-level investment advisors located throughout the United States, Institutional Property Advisors is qualified to meet the needs of institutional and major private investors.