The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
January 22, 2021
 Search RENTV
   Go!
 Video Programs
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



HOME PAGE NEWS
Printer-friendly Version   Email an Associate
Advanced Real Estate Spends $92 Mil on Two-Property OC Res Buy

1/05/21

Advanced Real Estate closed out 2020 with the purchase of a two-property, 245-unit Orange County res portfolio, valued at approximately $72 mil. The properties are located in the cities of Westminster and Anaheim.

The Edward
The Edward
The 128-unit Westminster property, formerly called “Hollybrook,” has been re-branded as “The Edward.” It is located at 14221 Edwards St. The 117-unit Anaheim property is located at 120 S. Grand Ave. Formerly known as “Rancho Vista,” the property has been re-branded as “The Lincoln on Grand.”

Both The Edward and The Lincoln on Grand are two-story, garden-style properties, built in the early 1970’s. They sit on large parcels with swimming pools and fitness centers. Advanced plans an extensive renovation of both properties including new roofs, windows, siding, landscape, hardscape, new cabinets, counters, fixtures and paint.

“These two properties are perfectly suited for our signature renovation program,” noted Richard Julian, CEO of Advanced. “They sit in dense, Orange County locations, and have not been upgraded since they were built. The cost and time to replace these assets would be extraordinary, yet when we are finished renovating, they will look like newly constructed apartment buildings.”

The seller in the transaction was represented by Sean Deasy and Ryan Fitzpatrick of JLL’s Irvine office. Advanced procured a loan through Commercial Bank of California (CBC).

The acquisitions bring Advanced’s 2020 acquisition total to 1,166 units in six properties valued at approximately $350 mil. “We are fortunate to have acquired so many properties in such a tumultuous year” said Julian. “We created our first Fund this year and also sold a large coastal property providing us over $250 mil of equity.”

Advanced’ s other purchases in 2020 include 120 units and 215 units in Riverside, 346 units in Chino Hills, and 240 units in Santa Ana. “Financing has been incredibly favorable this year allowing us to lock in low-interest, fixed-rate, long-term loans” said Julian. “As always, our plan is to hold all of these assets for the long-term.”





Return to the previous page


 


 


 


 
 



Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2021 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media