Irvine, Calif. (March 14, 2018) – Waterford Residential, LLC, an investment firm based out of Newport Beach, California, has purchased Dover Shores Apartment Homes, an 18-unit apartment building, located at 1606-1674 Westcliff Drive in Newport Beach, California, for $8,000,000. The seller was a private investor. Kidder Mathews’ multifamily brokers, Steven C. Brombal and Joshua Y. Rhee, represented both parties in the transaction.
The Dover Shores Apartment Homes consists of four one-bedroom and 14 two-bedroom units. This is the first time it has been on the market in 42 years. Assets of this size are unique in Newport Beach and rarely become available.
“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 Brombal, senior vice president in Kidder Mathews’ Orange County office. “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,” he said.
“We generated multiple, competing offers and the accepted offer had no financing or appraisal contingency,” said Rhee, associate vice president in Kidder Mathews’ Orange County office. “The buyer plans to make extensive renovations to both the interiors and exterior of the community. That, combined with the regentrification of the area, will likely result in the ability to attain rents exceeding the current market,” he said.
Steven C. Brombal and Joshua Y. Rhee have listed and sold $69,000,000 of multifamily properties in Orange County in the last 12 months.
About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with over 700 real estate professionals and staff in 21 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $7 billion in transactions, manages over 50 million square feet of space, and conducts 1,500 appraisals annually. For more information,kiddermathews.com.