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9/03/14
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Cameron Properties Inc purchased Costa Mirage, a 62-unit multifamily property in Costa Mesa, for $12.9 mil ($208k/unit). Costa Mirage is located at 393 Hamilton St, east of Harbor Blvd and west of Newport Blvd, above Newport Bay.
The Costa Mirage apartment community is currently 95 percent occupied. Located on 1.64 acres, the property consists of four-unit and eight-unit buildings and features a large fitness center, clubhouse, pool and spa. Apartments are available in studio, one-bedroom and two-bedroom townhome floor plans, each with a patio or balcony and its own garage parking.
Steven Brombal and Peter Hauser with the Newport Beach office of Hendricks-Berkadia represented the seller, CT Realty, in the transaction. Cameron Properties repped itself.
According to Raymond A. Polverini, senior vice president for CT Realty, the company acquired several Costa Mesa multi-family properties over the last few years as part of a plan to aggregate smaller properties in the coastal community. The apartment projects were renovated and repositioned in the marketplace prior to being sold. The Costa Mirage disposition is CT Realty’s fourth Costa Mesa property to be sold.
“Costa Mirage is a good representation of our strategy to invest in undervalued but well-located apartment communities in Costa Mesa and other coastal communities with supply constrained rental markets,” Polverini said. “After making capital improvements and enhancing operations, we were able to re-introduce the communities to the market with a significant return on investment for CT and its investor partners.”
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