Situated on a double lot in the heart of the Newport Beach Peninsula, the ‘Lightsand’ has set record sub-market rents for Class B multifamily with c. 800 sf two bedroom units fetching $4,900 per month (as of August 2022) compared to $2,400 per month at the time of acquisition. The asset was complete overhauled including new stucco, siding, landscaping, lighting and designer interiors. Quail Canyon Venture Partners also entitled one accessory dwelling unit (ADU) on the rear of the property and held 7 short term rental licenses. The property was purchased on June 1, 2021 for $669,000 per unit and sold on May 1, 2023 for $7,100,000 or c. $1,014,285 per unit.
