18-Unit The Westcliff Courtyard Apartments in Newport Beach Sells for $11.5MM

Newport Beach, California – 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 […]