TODAY’S DEALS: IPA Sells 64-Unit Community for $14.85M
Institutional Property Advisors arranges the sale of a Newport Beach community; Essex Realty Group sells a 20-unit walk-up in Chicago; and HFF is named to market the sale of an Ohio portfolio.
Newport Beach, Calif.—Institutional Property Advisors, the multifamily brokerage division of Marcus & Millichap, has arranged the sale The Newport Marina Apartments, a 64-unit community in Newport Beach, Calif., for $14,850,000. The sales price represents $232,031 per unit.
Stewart Weston, senior vice president of investments of IPA, represented both the seller, Newport Marina LLC, and the buyer, Newport Waterfront Apartments LLC—an entity managed by Los Angeles-based investment group.
“Properties like this don’t come around that often,” says Weston. “The ground lease does not expire for another 32 years, giving the new owner ample time to enjoy his piece of paradise.”
Weston expects the new owner will earn an above market yield, largely due to the location and high barriers to entry in Orange County, Calif.
Newport Marina is located at 919 Bayside Drive. The community was built in 1964 and is situated on 4.1 acres of waterfront land. Units are arranged in 14 condominium-style buildings. Amenities include private beach and boat slips that can accommodate 34 vessels.
Essex Realty brokers sale of 20-unit property in Chicago
Chicago—Essex Realty Group Inc. has sold a 20-unit walk-up style apartment building located in the Lincoln Square neighborhood of Chicago.
2446-56 W. Catalpa consists of one-bedroom units available in a variety of sizes. Doug Imber and Matt Welke of Essex represented the seller in the transactions.
HFF named to market the sale of an Ohio portfolio
Columbus, Ohio–HFF announced it has been named to market for-sale a portfolio of three multi-housing communities totaling 1,340 units in Columbus and Toledo, Ohio.
The properties are: The Quarry in Columbus, and Chelsea Place and Preston Gardens in the Toledo MSA.
HFF is marketing the portfolio on behalf of the seller, Edwards Companies. The properties may be purchased as a portfolio or individually. In addition, in-place debt may be assumed, or the buyer may choose to purchase the properties all-cash.
Overall, the properties are 97 percent leased and each offer one-, two- and three-bedroom units. The Quarry, completed in phases between 1999 and 2002, has 674 units and is located at 2550 Quarry Lakes Drive in Columbus. Completed in 2008, Chelsea Place has 334 units and is located at 4430 North Holland – Sylvania Road in Toledo. Preston Gardens is located at 5101 Hollenbeck Drive in Perrysburg and has 332 units that were built in 2006.
The HFF investment sales team representing the seller is led by Executive Managing Director Matthew Lawton, Managing Director John Sebree and Senior Managing Director Dave Keller.
