Updated Oct 29, 2024
MIG Real Estate LLC Acquires Newport Palms Multifamily In Costa Mesa For $61.1M
1850 Whittier Ave, Costa Mesa, CA 92627, USA
$61,100,000
Units
138
Asset Type
MultiFamily
Closing
Aug 15, 2023
About this deal
AI
MIG Real Estate LLC has purchased the Newport Palms apartment complex in Costa Mesa for a record-breaking $61.1 million. This transaction marks the largest multifamily investment in the city in the past year. The property is located at 1850 Whittier Avenue and consists of 138 units. With a per unit price of $442,754, the sale showcases the strong demand for multifamily properties in the Costa Mesa market.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $61,100,000
- Address: 1850 Whittier Avenue, Costa Mesa
- Market: Costa Mesa
- Buyer: MIG Real Estate LLC - Raul Alcaraz
- Seller: Camden Property Trust
- Broker: Walker & Dunlop
- Units: 138
- Per Unit Price: $442,754
Leading the purchase is MIG Real Estate LLC, represented by Raul Alcaraz. The seller, Camden Property Trust, entrusted the brokerage services to Walker & Dunlop. MIG Real Estate LLC aims to enhance the amenities of Newport Palms and has plans for further acquisitions in Southern California. This significant investment in Costa Mesa's multifamily market reflects the confidence and growth potential in the region.
On the Map
$61,100,000
MultiFamily
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Players
Costa Mesa MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.26%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93