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8/17/23
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In a notable OC multifamily buy, MIG Real Estate LLC purchased Newport Palms, a 138-unit apartment complex in Costa Mesa, for $61.1 mil ($443k/unit). According to MIG, this is the largest multifamily investment in the city in over a year, and is the second-highest multifamily transaction in the county in 2023.
Built in 1989 and previously named Camden Palms, the community was renamed Newport Palms upon acquisition. Newport Palms Apartments is located at 1850 Whittier Ave, on the border of Newport Beach and Huntington Beach and one block from Talbert Regional Park, giving residents plenty of open space to hike, bike and enjoy the ocean. Westside Costa Mesa is a burgeoning neighborhood of unique restaurants, boutique retail, art studios and local businesses that has recently become attractive to young professionals seeking a more affordable alternative to Newport Beach.
The community was fully occupied at the time of the sale. Homes include one- and two-bedroom floor plans with an average size of 790 sf.
MIG plans to make improvements to the amenities and the interiors of the property. The acquisition is the first for MIG in Orange County since 2009, when it purchased Avila, a 498-unit apartment complex in Rancho Santa Margarita.
Walker & Dunlop represented MIG and the seller, Houston-based Camden Property Trust, in the transaction.
MIG has been active in Southern California this year. In March, the firm acquired Gifford Business Park in San Bernardino, a 156.7k sf, seven-building industrial site in the Inland Empire, the nation’s fastest-growing industrial market, for $26 mil from Positive Investments, and is actively pursuing additional assets.
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