NEWPORT BEACH, Calif. –– Cushman & Wakefield announced the firm has brokered the sale of a 5-unit multifamily complex in Newport Beach, California. The Orange County apartment community sold for $3.6 million to Fahed Group. Inc. The seller was Woods Family LP.
Mark Bridge with Cushman & Wakefield’s Multifamily Advisory Group in Orange County represented both sides in the transaction.
“This was a very attractive multifamily investment of a well-maintained asset in a robust and well-located submarket of Orange County. The property is nestled atop a beautifully landscaped hillside and offers an excellent unit mix and range of floor plans, with spacious units that far exceed the average one- and two-bedroom square footage,” said Mark Bridge, Managing Director. “The property’s Class A location in Newport Beach is also near major retail, educational and employment opportunities for residents.”
Located at 800-808 Amigos Way and originally constructed in the 1970s, the complex is situated on ±0.30 acres and consists of two (2)-story buildings comprising two 2-bed/2.5-bath townhomes, two 2-bed/2-bath units, and one 1-bed/1-bath units. Four units offer fireplaces, and each unit has two covered carports and either private patios or balconies. The complex also features an on-site laundry room.
The property resides conveniently between Pacific Coast Highway & CA-73, allowing residents to easily access the Southern California region, including an abundance of coastal amenities such as shopping, dining, and the beach all within close proximity.
