|Property Type||Homes for Sale|
Ignacio Diaz Jr. represented a private trust in the purchase of Newport Terrace Apartments in an all-cash transaction with no financing, producing a 5% cap rate and a 12.05 gross rent multiplier with in-place rents at the close of escrow, which is unheard of for a quality, well located apartment asset in Newport Beach. Newport Terrace, which sold for $11.3 million, was originally listed at $13 Million. This sale represents the largest brokered apartment transaction in Newport Beach in the last 3 years and is unique in the sense that it is one of the few apartment buildings of this size within all of Newport Beach. Newport Terrace Apartments located at 1401-1409 Superior Ave. was built in 3 phases from 1963 through 1974 and partially renovated in 2003. It consists of seven, two- and three-story buildings situated on three contiguous parcels encompassing over an acre of land. Unit mix consists of 22 one-bedroom, one-bathroom units, some with fireplaces; 25 two-bedroom units with some townhouse-style floor plans and 2 three-bedroom, two-bath units. Amenities include a pool, spa, community BBQs, garages, balconies, a fitness center, a business center and leasing office. The property’s irreplaceable location is walking distance to the prestigious beaches of Newport Beach. Excellent frontage on Superior Ave., strong traffic counts, and the thousands of jobs from Hoag Hospital and the surrounding area should combine to continue a constant pool of quality tenants.
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