The seller is interested selling this portfolio of properties in an effort to simplify his own portfolio. This is a once in a lifetime opportunity which will has never been available before and will never be available again. The opportunity to amass 21 condos in and around the Newport Beach Peninsula, with close proximity to the beach, all with new construction, warranties and fully leased at exceptional rents makes this opportunity a once in a lifetime event.
The portfolio can be purchased either in part or in whole and therefore it gives the opportunity for an investor to purchase as low as $5 million worth of real estate, or as much as $25–30 million worth of real estate. Obviously, the more that is purchased, the greater the value of any discount from market pricing.
All of the properties have been renovated and converted to condos within the last few years, most of them in the last year. Based on the City of Newport Beach’s parking requirements and condo conversion requirements, this opportunity will never be able to be duplicated again.
The square footages of these condos range from 1,200 to almost 2,600 s.f., and are significantly larger than new construction of similar type properties in similar locations.
A potential investor certainly can hold the properties in their own portfolio for an extended period of time, as we believe that these properties will only increase in value in the long term as the location and product type are not easily duplicated. The portfolio also provides for the ability for a potential investor to sell off pieces of the portfolio at a later date to reduce exposure, minimize risk or capitalize on the future value of the properties at a later date when the market increases.
The current ownership has had the properties recently reappraised after completion of the condo conversion process. The total property value of the portfolio based on current appraisals and market pricing is approaching $30 million for the entire portfolio. The detailed listing of each property, its amenities, size and price is available under each specific property address.