Updated Nov 14, 2025
IB Townhomes LLC Acquires Westcliff Courtyard Apartments In Newport Beach For $11.5M
1800 Westcliff Drive
$11,500,000
Units
18
Asset Type
MultiFamily
Closing
Oct 31, 2025
About this deal
AI
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.
On the Map
$11,500,000
MultiFamily
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Newport Beach MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.38%
Cash-on-Cash
-0.39%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93