Waterford Residential, LLC acquired Dover Shores Apartment Homes, an 18-unit apartment building in Newport Beach, CA, from an undisclosed private investor for $8 million. Located at 1606-1674 Westcliff Dr., the property consists of four one-bedroom and 14 two-bedroom units.
This is the first time the property has been on the market in 42 years. Assets of this size are unique in Newport Beach, and rarely become available.
Kidder Mathews’ Steven Brombal and Joshua Rhee represented both buyer and seller.
Brombal says, “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. 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 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 C. 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 Y. Rhee, associate vice president.
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