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December 18, 2018
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ARES' Latest SoCal Multifamily Buy is Quite The Catch

6/22/18

Advanced Real Estate Services Inc (ARES) has acquired a 251-unit mixed-use property in Anaheim’s Platinum Triangle District. Located at 1200 E. Katella Ave, the asset sold for around $112 mil.

Photos: Allen Wolfsheimer
Photos: Allen Wolfsheimer
The property, which sits directly across the street from the Grove Theater, just outside the parking lot of Angel Stadium, was formerly known as Avalon. ARES plans a complete re-branding of the asset to“Stadium House” and will spend over $5.3 mil in upgrades. At the base of the six-story building is “The Catch” restaurant, which has been a landmark in Orange County since 1978.

Originally designed and built as Condominiums in 2009, the property features large modern units averaging over 1.2k sf and an abundance of amenities including a 6th floor entertainment deck overlooking the Stadium.

According to ARES President Richard Julian, the company will complete cosmetic upgrades so they can continue to compete with the new product currently being delivered. They feel the property has an advantage as it is the most well-located in the submarket and the units are much larger than the competition.

ARES’ improvements will be focused on the leasing office, fitness center, pool area, clubhouse, dog park, courtyards, elevators & lobbies. A new shared work space will also be created for residents who work from home to have access to professional offices and conference facilities. The interiors will receive new flooring, paint and technology features. The 6th floor entertainment deck will be completely overhauled so that residents can enjoy the breathtaking views, game days, events and fireworks from Angel’s Stadium.

“We plan to work with The Catch restaurant to host catered events on our 6th floor deck. We will install ovens, beer taps, refrigerators and other kitchen equipment so that the deck can be an extension of their restaurant on game days. We are also in discussions with The Catch and Flame Broiler to provide room service to our residents. These services and amenities will create a hotel-like atmosphere at the property” said Julian.

The Stadium House property should benefit from the increase in commercial development in the Platinum Triangle market. LT Global has announced they have plans to start construction on their transformative development (directly across the stadium parking lot) as soon as the end of this year. This project will include retail, hotel and residential uses. Also, one block away, Lennar is under construction on their “A Town” development which will include approximately 50k sf feet of retail development.

Sean Deasy and Ryan Fitzpatrick of HFF represented the seller in the transaction. Mike Elmore of NorthMarq Financial procured a $67.5 mil Fannie Mae loan on behalf of ARES.

“We raised over $50 million of private equity for this acquisition. A large piece of that came from the refinance of four of our other nearby properties” added Julian. Formed in 1982, ARES currently owns and operates over 8,250 units throughout Southern California with a market value in excess of $2 bil.





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