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9/11/24
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Advanced Real Estate closed on another major multi-family acquisition, paying $62 mil for Canvas LA, a 210-unit ($295k/unit) property that sits along the 110 Fwy in Downtown Los Angeles. The property is located at 138 N. Beaudry Ave, just north of 1st St.
Built in 2008, the property features a host of unique amenities including a resort-style pool with cabanas, large gym with separate cardio studio, game room, conference and office space, screening room, and sky deck with fire-pit. It is located across the street from Vista Hermosa Park. It’s only a 10-minute walk to all the cultural attractions of Bunker Hill including the Broad Museum, Walt Disney Concert Hall, Dorthy Chandler and Ahmanson Theater.
Advanced plans only light renovations at the property as the previous owner had invested over $3 mil into upgrades after purchasing it in 2018. The property features a host of unique amenities including a resort-style pool with cabanas, large gym with separate cardio studio, game room, conference and office space, screening room, and sky deck with fire-pit.
“It’s rare to find such a well-built, podium property like this, for under $300,000 a unit.” Said Rick Julian, CEO of Advanced. “We haven’t seen that kind of pricing in over a decade.”
This was the final purchase for Advanced’s most recent acquisition Fund. That Fund also purchased Edison Long Beach, a 156-unit luxury residential high-rise, the 264-unit Surf House Apartments in Huntington Beach and the 714-unit The Grand Costa Mesa. These recent purchases made Advanced the largest buyer of apartments in Southern California in 2023.
“We are long-term holders and wanted to seize this low-basis opportunity. We see a bright future for Los Angeles with the upcoming 2028 Olympics” noted Rick and Paul Julian, Rick’s son and President of Advanced. Advanced will now kick off a new Fund which will be open to their “friends and family” investors and looks to continue to strategically increase its current portfolio of over 12,000 units in Southern California. “Our investor base of over 1,000 families continues to grow as we find great opportunities such as Canvas”, continued Rick Julian.
The sale was brokered by Blake Rogers, Kevin Sheehan, Ryan Fitzpatrick, Chelsea Jervis, CJ Angle, Alexandra Caniglia, and Kip Malo of JLL Capital Markets. Advanced procured a $40 mil Freddie Mac loan, at a fixed interest-rate of 5.12% for seven years, with full-term interest-only payments. Kevin MacKenzie, Greg Brown, Charlie Vorsheck, also of JLL Capital Markets arranged the financing.
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