By Evelyn Jozsa
Waterford Residential LLC has acquired Dover Shores Apartment Homes, an 18-unit community in Newport Beach, Calif., for $8 million. Kidder Mathews represented the seller, a private investor, as well as the buyer in the transaction.
Located at 1606-1674 Westcliff Drive, Dover Shores is within five minutes of the Pacific Coast Highway and is less than 10 miles from Irvine. Additionally, the area offers many dining and shopping options, including the Westcliff Plaza and Westport Square Shopping Center, which are within walking distance of the property. Dover Shores comprises four one-bedroom and 14 two-bedroom units. The buyer plans to complete extensive renovations to both the interior and exterior of the building.
“The sale of Dover Shores illustrates the depth of investor interest in the coastal market and the desirability of Class A product suitable for high-net-worth investors,” said Steven Brombal, senior vice president at Kidder Mathews, in prepared remarks. “While interest rates have steadily crept up in the last 15 months, many investors were willing to overlook the current low rents and the lack of any reasonable debt leverage due to the irreplaceable, Class A coastal location.”
The Kidder Mathews brokerage team included Brombal and Joshua Rhee, associate vice president.
Image courtesy of Kidder Mathews