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10/30/20
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Advanced Real Estate Services Inc acquired a 215-unit apartment property in the city of Riverside for just under $58 mil ($270k/unit). The property sits on 10.5 acres at 7600 Ambergate Place. Amenities include a pool, spa, clubhouse, turf soccer field with running track, pet park and playground.
Advanced plans to spend more than $10 mil renovating the property, formerly called “Artessa.” They have rebranded it to “the James” and will complete an extensive renovation program that will entail the installation of new windows, a new paint scheme, updated landscaping, and modernizing unit interiors. Improvements will include new cabinets, countertops, flooring, fixtures and technology enhancements.
Sean Deasy and Ryan Fitzpatrick of JLL brokered the transaction. Kevin MacKenzie and Alex Kane, also from JLL, secured an approximately $37.5 mil Fannie Mae loan at 2.57%, fixed for 10 years, interest-only.
This is the third recent purchase for Advanced. They purchased two other Inland Empire assets, totaling 466 units, in the past four months. Advanced raised the equity for these purchases through two avenues. One is their private capital fund, which was launched just three months ago with approximately $150 mil. The other was through a sale of a 50-acre mobile home park on Pacific Coast Highway in Huntington Beach.
“We are seeing incredible growth in the Inland Empire market, which has been exacerbated by the COVID situation,” noted Richard Julian, president of Advanced. “People are moving out of the denser cities to the more suburban markets. Even during the height of the Pandemic, Riverside County consistently added jobs and is one of the fastest growing counties in the US.”
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