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11/10/21
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Advanced Real Estate paid just over $80 mil for a 212-unit ($377.4k/unit) multifamily property near Downtown Riverside. The apartment building, called Mission Lofts, was completed in 2019 by the Realm Group, of Newport Beach.
Mission Lofts is located at 3050 Mission Inn Ave, south of Hwy 60 just off the 91 Fwy. It features a modern design with plentiful amenities such as pool, fitness center, lounge, business center and dog park. Other amenities include custom cabinetry, stainless steel appliances and granite countertops, in addition to a spa and BBQ/picnic areas.
“We were attracted to the property due to its ideal location with immediate freeway access next to commuter rail and a short walk to Downtown Riverside and the famous Mission Inn” said Richard Julian, CEO of Advanced. “The Inland Empire has been one of the best-performing markets in the Country over the past five years and we don’t see any signs of slowing. This asset sits right in the capital of the IE and benefits not only from the immense local job growth, but also from commuters to LA and OC” he added.
Marc D. Renard, Executive Vice Chairman of Cushman & Wakefield’s Capital Markets Group, represented the parties in the transaction. Mike Elmore and Alex Kane of Northmarq’s Newport Beach office secured a 10-year interest-only Fannie Mae loan for Advanced.
This purchase utilizes the remaining capital in Advanced’s $120 mil+ Fund 20-1 they raised last year. With it, they purchased a total of approximately $332 mil of apartments including Mission lofts in Riverside, Axis 2300 in Irvine, The Edward in Westminster, The Lincoln on Grand in Anaheim, Riverhouse in Santa Ana and The James in Riverside. These properties grew Advanced’s portfolio by 1,027 units to over 10,000, all in Southern California.
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