NEWPORT TERRACE TRADES HANDS FOR $11.3 MILLION
NEWPORT BEACH, CALIF. — Sierra Madre, Calif.-based Richter ET, AL has purchased Newport Terrace, a 49-unit multifamily community in Newport Beach. Located at 1401-1409 Superior Ave., the property sold for $11.3 million or $230,612 per unit. Constructed in 1963-1974 and renovated in 2003, the community consists of seven two- and three-story buildings offering 22 one-bedroom/one-bath units, 25 two-bedroom townhome units and two three-bedroom/two-bath units. Common-area amenities include a pool, a spa, community barbeques, garages, a fitness center and a business center/leasing office. Steven Brombal of Hendricks & Partners’ Newport Beach office represented the seller, Laguna Hills, Calif.-based Newport Terrace LP, in the transaction.