Newport Beach, Calif.—Waypoint Property Group has picked up a 64-unit bayfront property in Newport Beach, Calif., for $25.5 million from BT Real Estate Group. The Waterfront features 17 buildings and 1,000 linear feet of water frontage with 34 boat slips. Institutional Property Advisors represented the seller in the transaction.
The Waterfront last sold in August 2011 for $14.9 million, according to Yardi Matrix records. According to IPA, the 1964-built asset is one of just three bayfront properties in Newport Beach. Community amenities include private single-car garages, a salt-water pool, a poolside lounge and a freestanding leasing office and clubhouse.
Lee & Associates brokers 32-unit Los Angeles sale
Los Angeles—Berzack Investment Property Advisors, a multifamily specialty group of Lee & Associates-LA North/Ventura, has brokered the 32-unit sale of a Los Angeles property located at 15225 Victory Blvd. The sales price of Glen Garden Apartments was $5 million—an $80,000 premium over listing price.
The buyer plans to fully remodel the property, which was built in 1964. It features two one-bedroom, one-bath units and 30 two-bedroom, one-bath units.
Berkadia negotiates financing and sale of multifamily property in Greater Phoenix
Mesa, Ariz.—Berkadia announced the recent loan origination and sale of Gilbert Square Apartments, a multifamily property located at 1821 E. Covina Street in Mesa, Ariz. The sale price reflects a per-unit price of $64,939.
Assistant Vice President Chad Williams of the Phoenix office originated the fixed-rate loan through Berkadia’s Fannie Mae Program. Senior Partner Mark Forrester, Partner Ric Holway and Vice President Dan Cheyne, also of the Phoenix office, negotiated the sale of the property, which sold for $10.7 million on April 15, 2015. The seller was Exchange Services LLC of Long Beach, Calif., and the buyer was Gilbert Square Equity LLC of Portland, Ore.
Berkadia arranged the acquisition loan for the property. Loan terms included a 75-percent loan-to-value ratio and 10-year term.
Built in 1979, the 164-unit property features one- and two-bedroom floor plans. Unit amenities include fully equipped kitchens, and select units have walk-in closets. Community amenities include a swimming pool, laundry facility, barbecues and more than 250 open parking spaces. The property was 93 percent occupied at the time of sale.
Phoenix metro area vacancy tightened 20 basis points in the last three months to 5.7 percent. Market-wide asking rents reached $861 per month in the first quarter, up 0.5 percent from the end of 2014.