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

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:

• Property Type: Multifamily
• Transaction Amount: $11,500,000
• Units: 18
• Price Per Unit: $638,889
• Market: Newport Beach
• Brokers: Bruce Furniss & Steffan Braunlich - Berkadia

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.