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1/05/21
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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 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.”
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