MIG Real Estate LLC (MIG), a real estate investment company with assets across the Western U.S. and Sun Belt states, announced the acquisition of Newport Palms, a 138-unit apartment complex in Costa Mesa, California.
MIG purchased the property for $61.1 million, making it the largest multifamily investment for the city in over a year, and is the second-highest multifamily transaction for the county in 2023, according to brokerage data. Walker & Dunlop represented MIG and the seller, Houston-based Camden Property Trust.
“MIG is excited to create an opportunity to add value to a property that is located near our Newport Beach office,” said Raul Alcaraz, multifamily acquisition manager for MIG Real Estate. “We plan to improve the amenities, interiors and deliver a community that positively impacts the lives of our residents. We hope to acquire more properties like this in Southern California.”
Built in 1989 and previously named Camden Palms, the community was renamed Newport Palms upon acquisition. Newport Palms Apartments is located at 1850 Whittier Ave. in Westside Costa Mesa, on the border of Newport Beach and Huntington Beach and one block from Talbert Regional Park, giving residents plenty of open space to hike, bike and enjoy the ocean. Westside Costa Mesa is a burgeoning neighborhood of unique restaurants, boutique retail, art studios and local businesses that has recently become attractive to young professionals seeking a more affordable alternative to Newport Beach.
The community was fully occupied at the time of the sale. Homes include one- and two bedroom floor plans with an average size of 790 square feet.
The acquisition is the first for MIG in Orange County since 2009, when it purchased Avila, a 498-unit apartment complex in Rancho Santa Margarita.
MIG has been active in Southern California this year. In March, the firm acquired Gifford Business Park in San Bernardino, a 156,717-square-foot, seven-building industrial site in the Inland Empire, the nation’s fastest-growing industrial market, for $26 million from Positive Investments, and is actively pursuing additional assets.