Berkadia Negotiates $11.5M Multifamily Sale in Newport Beach, California
Newport Beach, California – November 7, 2025 – Berkadia, a distinguished leader in the commercial real estate sector, announced today the sale of The Westcliff Courtyard Apartments, a 18-unit, coastal-style multifamily property in Newport Beach, California. Managing Directors Bruce Furniss of Berkadia Irvine and Steffan Braunlich of Berkadia El Segundo led the transaction on behalf of the seller. The deal closed on October 31.
The Westcliff Courtyard Apartments sold for $11.5 million to Newport Beach-based IB Townhomes, LLC at a 3.27% cap rate and 18.3 GRM. The sales price reflects a per-unit price of $638,889 or $689 per square foot. The property was 98% occupied at the time of the sale.
“The Westcliff Courtyard Apartments is a generational asset being sold for the first time since it was constructed in 1960,” said Furniss. “The sale of a jewel asset like Westcliff Courtyards Apartments is rare in Newport Beach. In the last 45 years, Westcliff Courtyard Apartments is one of only four properties, not located on the peninsula, to sell with a price per unit north of $600,000.”
Located at 1800, 1814 and 1838 Westcliff Drive in Newport Beach, the property affords convenient access to world-class shopping at Fashion Island, exceptional dining throughout the 17th St corridor, beaches, hiking trails, and Balboa Island. The Westcliff Courtyard Apartments is a garden-style property comprised of four buildings on three separate parcels built in 1960. The property features twelve two-bedroom and six-one-bedroom units, each with large, enclosed patios or balconies.
Newport Beach Multifamily Property Sells for $639k/Unit | RENTV