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.

Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Pavlov Media
‣ Walker & Dunlop

Subscribe to the newsletter

Webinars on Demand

Read the Digital Editions

Northeast Multifamily & Affordable Housing Business

Midwest Multifamily & Affordable Housing Business

Western Multifamily & Affordable Housing Business

Texas Multifamily & Affordable Housing Business

Southeast Multifamily & Affordable Housing Business

Heartland Real Estate Business

Northeast Real Estate Business

Southeast Real Estate Business

Texas Real Estate Business

Western Real Estate Business

Shopping Center Business

California Centers

Student Housing Business

Seniors Housing Business

Featured Properties