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Advanced Real Estate Services Pays $130 Mil for 346-Unit Res Asset in Chino Hills

10/19/20

Advanced Real Estate Services Inc has acquired The Crossings, a 346-unit, newly-built multifamily property in Chino Hills, in a recent transaction valued at $130 mil ($375k/unit). The firm purchased this property with 1031 exchange funds from the recent sale of a large mobile home park in Huntington Beach.

The Crossings, located at 15101 Fairfield Ranch Rd, was constructed in 2018/2019 and sits on more than 32 acres of land. The property boasts a large resort-style pool area, clubhouse, a two-floor-tall gym, turf soccer field, dog park, EV charging stations, package lockers, business center and playground.

According to Richard Julian, President of Advanced, the company’s investor partners were attracted to the quality of the building construction, low density site, and tremendous job growth in the area. Advanced plans two more apartment acquisitions over the next 30-45 days as they continue to fulfill their 1031 exchange equity placement.

Margie Malloy from Berkadia’s Inland Empire office represented Advanced in the acquisition. Mike Elmore, Joe Giordani and Brendan Golding with NorthMarq Capital arranged the Fannie Mae Green $76.8 mil acquisition loan, with ten years interest-only payments at a 2.44 percent fixed rate.

“The ability to obtain a green certificate based on the new construction saved Advanced 30 bps, and we achieved the lowest rate for Advanced in the $2.3 bil we have financed over the past 20 years. Also, we were able to accelerate the closing date by over three weeks to accommodate the seller’s desire to close early,” said Elmore.

With more than 9,000 apartment units in Southern California, Advanced already owns many other properties in the surrounding cities of Ontario, Montclair, Riverside, Azusa, Yorba Linda and La Habra. “This location is strategic as is continues to fill-out our geographic reach in the Western portion of the Inland Empire. We are bullish on this market, it continues to be one of the largest employment growth centers in the Western US,” said Julian.






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