January 8, 2019
Waterford Residential purchased Dover Heights Apartment Homes in Newport Beach, CA for $30.6 million, which translates to $463,000-per-unit and $474-per-square-foot. This offering was rare, as it is the first time all these properties ever have been on the market in a single offering after a more than 27-year hold by the unnamed seller.
The apartment homes are located in Dover Shores, one of Newport Beach’s most coveted, popular and expansive neighborhoods. The assets include 1069 Buckingham Lane, 1616, 1630, 1700, and 1728 Bedford Lane, as well as 1601-1701 Bedford Lane.
The assemblage of nine adjacent parcels totaling 2.24 acres is significant, as most rental housing stock of this size and larger in Newport Beach is institutionally-owned. The offering is also historic, given the limited supply of coastal multifamily opportunities of this size.
Kidder Mathews’ Steven Brombal and Josh Rhee represented both parties in the transaction.
For comments, questions or concerns, please contact Dennis Kaiser