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3/23/18
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Waterford Residential LLC has purchased Dover Shores Apartment Homes, an 18-unit apartment building in Newport Beach, for $8 mil ($444.4k/unit). The property, located at 1606-1674 Westcliff Dr, was sold by a private investor.
Dover Shores Apartment Homes consists of four one-bedroom and 14 two-bedroom units. This is the first time it has been on the market in 42 years. Assets of this size are unique in Newport Beach and rarely become available.
Steven C. Brombal and Joshua Y. Rhee with Kidder Mathews represented both parties in the transaction. According to Rhee, the listing generated multiple, competing offers and the accepted offer had no financing or appraisal contingency.
“The buyer plans to make extensive renovations to both the interiors and exterior of the community,” Rhee noted. “That, combined with the regentrification of the area, will likely result in the ability to attain rents exceeding the current market.”
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