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5/01/15
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Waypoint Property Group has purchased The Waterfront, a 17-building, 64-unit, bayfront multifamily community in Newport Beach. The unique residential property, located at 919 Bayside Dr, just south of the intersection of Jamboree Rd and Coast Hwy, sold for $25.5 mil, or $398.4k/unit.
The property, built in 1964, overlooks Newport Harbor and is situated across from Balboa Island, which is accessible via a pedestrian bridge. The Newport Peninsula, home of the famous Newport and Balboa piers and some of California’s finest beaches, is nearby. The Newport Center, a business, entertainment and shopping district known locally as “Fashion Island,” is approximately one mile away.
The Waterfront is a garden-style community with one- and two-bedroom floor plans that average 1.3k sf in size. Renovated apartments feature stainless-steel appliances, large patio or balcony, large windows, fireplaces and new wood-style floors, cabinets, hardware, quartz countertops and recessed lighting. Select units also have new washers and dryers. Community amenities include private single-car garages, a salt-water pool, a poolside lounge and a freestanding leasing office and clubhouse.
The seller, BT Real Estate Group, was represented by Institutional Property Advisors senior director Stewart I. Weston, who points out, “With approximately 1,000 linear feet of water frontage on Newport Bay, 34 boat slips and a private beach, the asset exhibits an undeniable presence. Revenue enhancement opportunities exist for the new owner through the continuation of the renovation program that began in 2011.”
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