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June 14, 2024
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Advanced Real Estate Spends $58 Mil on Irvine Multifamily Community


Advanced Real Estate has just wrapped up its first purchase of 2021, paying $58 mil for Axis 2300, a 115-unit ($504k/unit) multifamily property in Irvine. The community was sold by by Essex Property Trust.

The property was built in 2010 as a for-sale condominium project but purchased by Essex before it was completed. Rather than selling any of the units, Essex leased them out as apartments.

The property contains a large pool, gym, recreation room, and covered outdoor lounge. The units have modern appliances, fireplaces and 11-foot ceilings. It is located at Von Karman & Dupont, adjacent to some of Orange County’s most prestigious office and entertainment properties and about a mile away from John Wayne Airport.

“We are excited about this unique asset that contains condo-quality apartment units averaging approximately 1.5k sf. It is rare to find a property in such an ideal location with such large units” said Richard Julian, CEO of Advanced. “The access to the job rich Irvine Business Complex, John Wayne Airport, the 405 freeway and nearby Newport Beach as well as the quality podium construction made this property extremely appealing. We plan a light renovation and a long-term hold of this difficult-to-replace asset.”

Jeff Rowerdink and Joe Leon from Berkadia’s Irvine Office represented both parties in the sale.

Advanced purchased the property with a combination of the final exchange funds from the recent sale of their Huntington Beach mobile home parks as well as their private equity Fund. They also used a new $29 mil Fannie Mae loan that was arranged by Mike Elmore and Alex Kane of Northmarq. The financing was structured as a seven-year SARM, full term interest-only, and sized to 50% of the purchase price.

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