IRVINE, CA - Advanced Real Estate, an Irvine-based multifamily investment firm, has acquired The Cove at West Covina, a 138-unit apartment community located in West Covina, California, for $41 million. The purchase expands the company’s growing Southern California portfolio, which now exceeds 12,000 residential units across the region. The acquisition reflects Advanced Real Estate’s continued strategy of targeting well-located suburban assets with strong value-add potential and stable long-term fundamentals.
"The Cove is well located, with large units averaging over 1,000 square feet. It's rare to find such an attractive unit mix for under $300,000 per unit," said Rick Julian, CEO of Advanced.
"West Covina has been a historically strong rental market with abundant retail and employment and very little new competing supply. The last significant new multifamily development was completed over 12 years ago," said Paul Julian, Rick's son and president of Advanced. "We see great value in this type of low-density product in the San Gabriel Valley."
Advanced plans to make significant renovations and upgrades to the property, including the addition of in-unit washers and dryers, new cabinetry, flooring, fixtures, appliances, windows and a modern paint scheme. These upgrades will be completed by R3 Construction (Advanced's in-house construction company) and Advanced Management Company (its in-house property management company).
The gated community offers a wide range of lifestyle amenities designed to enhance resident comfort and convenience. Highlights include two resort-style swimming pools with cabanas and lounge areas, a fitness center equipped with state-of-the-art exercise equipment, and inviting outdoor firepits that provide a welcoming social atmosphere. Residents also benefit from a spacious, beautifully landscaped central courtyard, offering open green space for relaxation, recreation, and community gatherings.
This is the first purchase for Advanced's new Opportunity Fund (Advanced Fund 24-3). The company plans to make more Southern California apartment acquisitions in the coming year.
Advanced's investment offerings are open to its "friends and family" network, which has now grown to over 1,000 investors. "We have a unique tax-efficient structure, allowing investors to use their trapped retirement funds for the bulk of their investment and leverage a smaller personal contribution of cash," said Rick. "We are always open to welcoming new investors."