9/22/2008

Marcus & Millichap inks $10M deal for Newport Beach multi-family

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Las Casitas Garden Apartments

Marcus & Millichap has arranged the sale of the 52-unit Las Casitas Garden Apartments in Newport Beach, Calif., for a sales price of $10.55 million.

Michael Lawrence and Joseph Berkson of the firm's Newport Beach office represented the seller while Kevin Struve and Eric Chen represented the buyer in the transaction.

The apartment complex is located at 20102 Southwest Birch St. and sold for $202,885 per unit with a five percent capitalization rate. Situated on 1.75 acres, the Las Casitas is comprised of five two-story buildings on 45,938 square feet.

Address: 20102 Southwest Birch St., Newport Beach, Calif.

Size: 52 units

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Filed Under: Multi-Family

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