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10/15/14
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An Orange County-based private investor purchased Fairway Villas, a 32-unit multifamily apartment property in Newport Beach, for $10.8 mil, which equates to $337.5k/unit. Fairway Villas is located at 20122 Santa Ana Ave, directly across the street from the Santa Ana Country Club and close to California state routes 73 and 55.
Constructed in 1963 and extensively renovated in 2006, Fairway Villas is composed of nine residential buildings situated on more than two acres. The unit mix is 12 two-bedroom/two-bath apartments and 20 three-bedroom/two-bath townhomes. Every unit has washer and dryer connections, gas stove, gas fireplace, large private patio or balcony and a garage space.
Stewart I. Weston, senior director, Tyler C. Leeson, vice president investments and W. Michael Cavner, associate director, all in Marcus & Millichap’s Newport Beach office, represented the seller, Silverado Canyon Partners. Joseph Berkson, first vice president investments, also in the firm’s Newport Beach office, represented the buyer in the deal.
“The property has an irreplaceable location between the Newport Beach Golf Course and the Santa Ana Country Club and is near some of the largest employment areas in Orange County, including the South Coast Metro and John Wayne Airport,” says Weston.
“The previous owner spent more than $1 mil in capital improvements on the asset,” adds Berkson.
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