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IB Townhomes LLC Acquires Westcliff Courtyard Apartments In Newport Beach For $11.5M

Property Image
SOLD
$11,500,000
Steffan Braunlich
Bruce Furniss

California

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MultiFamily
Sold 10/31/2025
the dealplayerscompscontact
Property Image
SOLD

IB Townhomes LLC Acquires Westcliff Courtyard Apartments In Newport Beach For $11.5M

1800 Westcliff Drive

See Similar Deals
MultiFamily
Sold 10/31/2025
Steffan Braunlich
Bruce Furniss
the dealplayerscompscontact
Contact now

Summary

CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Sale

The 18-unit Westcliff Courtyard Apartments, located at 1800 Westcliff Drive in Newport Beach, has been sold for $11.5 million, translating to approximately $639,000 per unit. The property, constructed in 1960, features a garden-style design and is currently 98% occupied, presenting a cap rate of 3.27%.

Summary of transation details:

IB Townhomes, LLC has acquired the property, with the transaction facilitated by Berkadia’s representatives, Bruce Furniss and Steffan Braunlich, who represented the seller during the sale process.

Players

Bruce Furniss
Berkadia
Bruce Furniss
4 deals$133.4M volume
BROKER
Steffan Braunlich
Berkadia
Steffan Braunlich
4 deals$109.4M volume
BROKER
Berkadia
Berkadia
BROKERAGE

Details

SOLD
IMAGE: Bruce Furniss & Steffan Braunlich DATE: 10/31/2025 ADDRESS: 1800 Westcliff Drive MARKET: Newport Beach ASSET TYPE: Multifamily BUYER: IB Townhomes, LLC BROKERS: Bruce Furniss (@BFurfam) & Steffan Braunlich (@SteffanBraunlich) - Berkadia (@Berkadia) SALE PRICE: $11,500,000 UNITS: 18 ~ PPU: $638,889 NOTE: IB Townhomes LLC acquired the 18-unit Westcliff Courtyard Apartments in Newport Beach for $11.5 million, or about $639,000 per unit, at a 3.27% cap rate. Berkadia’s Bruce Furniss and Steffan Braunlich represented the seller in the sale of the 98%-occupied, 1960-built garden-style property.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$613,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$40,857.09
Cash-on-Cash Return-1.27%
Monthly Debt Service$54,515.87
Annual Debt Service$654,190.40