Waterford Residential purchased Dover Heights Apartment Homes in Newport Beach, CA for $30.6 million, which translates to $463,000-per-unit and $474-per-square-foot. This offering was rare, as it is the first time all these properties ever have been on the market in a single offering after a more than 27-year hold by the unnamed seller.
The apartment homes are located in Dover Shores, one of Newport Beach’s most coveted, popular and expansive neighborhoods. The assets include 1069 Buckingham Lane, 1616, 1630, 1700, and 1728 Bedford Lane, as well as 1601-1701 Bedford Lane.
The assemblage of nine adjacent parcels totaling 2.24 acres is significant, as most rental housing stock of this size and larger in Newport Beach is institutionally-owned. The offering is also historic, given the limited supply of coastal multifamily opportunities of this size.
Kidder Mathews’ Steven Brombal and Josh Rhee represented both parties in the transaction.
For comments, questions or concerns, please contact Dennis Kaiser
Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services.
In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company.
In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix.
Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator.
Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements.
Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.