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8/25/16
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Advanced Real Estate Services Inc (ARES) has acquired Tuscan Townhomes, a 63-unit res property in Riverside, for $16.47 mil, or $261k/unit. The property, built as condominiums from 2007 to 2010 but rented as apartments, is adjacent to ARES’ larger 714 unit Corona Pointe Resort Project.
According to Richard Julian, President of ARES, the properties will be managed together. “This is a strategic acquisition that benefits both this new property and our existing Corona Pointe Resort. The townhomes offer a new floorplan with attached garages and more visibility on Magnolia. The residents at the Townhomes will benefit from the brand new resort-style amenities we are just completing at the larger property. Our newly upgraded common areas will set the standard in Riverside. We’ve added a lagoon-style, beach-entry pool, outdoor theater, multiple cabanas and fireplaces, state of the art gym, concierge, media room, spin room and more.”
The seller was represented by Margie Molloy and Vince Norris of Berkadia Real Estate Advisors Inc. ARES acquired the property with a loan from Commercial Bank of California.
Advanced Real Estate Services, Inc. (ARES) was formed in 1982 and currently owns and operates over 7,500 units throughout Southern California with a market value of nearly $2 bil. ARES funds their investments with private equity and handles all property management and renovation in-house.
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