Irvine, CA – Advanced Real Estate (Advanced) paid just over $80 million for the 212-unit apartment building near Downtown Riverside. The property, called Mission Lofts was completed in 2019 by the Realm Group, of Newport Beach. It features a modern design with plentiful amenities such as pool, fitness center, lounge, business center and dog park. “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 5 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. “West Coast expansion markets like the Inland Empire offer investors a compelling risk-adjusted return to the perpetual supply-demand imbalance and outsized rent growth,” said Renard.
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 $120,000,000+ Fund 20-1 they raised last year. With it, they purchased a total of approximately $332,000,000 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.
Advanced is now in the process of finalizing its new Fund 21-2. “We may actually end up with a larger Fund this year as there is strong demand from our investors to increase their multi-family holdings. The stock market is frothy and unpredictable, there is little yield elsewhere, and the other asset classes have not proven to be as safe and as lucrative as apartments” stated Julian.
Advanced is actively looking for properties in Southern California to purchase with this new Fund 21-2. They are focused on large assets in Orange County, Los Angeles County and the Inland Empire where all of their current holdings reside. “We are in the safest market in the Country with irreplaceable weather, a diverse economy and workforce. We will continue to grow here in Southern California” added Julian.
Advanced was formed in 1978 and currently owns and operates over 10,000 apartment units throughout Southern California with a market value approaching $4 billion. Advanced funds their investments with private equity. All property management and renovation are carefully administered through their in-house management and construction arms. This vertically integrated approach allows Advanced to most efficiently execute their business plan of acquiring value-add properties in Southern California, renovating them to the highest standards, and then effectively managing them for the long-term. To learn more about Advanced please visit www.advancedrealestate.com .
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