IRVINE, CA - Advanced Real Estate has acquired the Newhope Village apartments, adding to its more than 12,000-unit portfolio in Southern California. The gated, podium-style property features a host of amenities, including a pool, fitness center and tot-lot. Advanced retired a $9.5 million HUD loan and ultimately plans to place debt on the property, providing even more capital to its $100 million+ fund.
"Newhope Village fits perfectly with our surrounding properties. We now have over 1,750 units in the city of Santa Ana," said Rick Julian, CEO of Advanced. "This creates even more efficiencies with management and renovations."
Advanced plans for significant renovations and upgrades to the property, including the addition of in-unit washer and dryers, new cabinetry, flooring, fixtures, appliances, windows and a modern paint scheme. These upgrades will be completed by Advanced's in-house construction company, R3 Construction, and in-house property management company, Advanced Management Company.
This is the second acquisition for Advanced's newest Opportunity Fund (Advanced Fund 24-3). Last month, Advanced purchased The Cove, a 138-unit property in West Covina, and the company plans to enact several more Southern California apartment acquisitions in the coming year.
"We were able to acquire this property through a 721 contribution, which allowed a tax-deferred transaction for the family who owned it," said Paul Julian, Rick's son and President of Advanced. "They are now partners in our fund and diversified among the other assets."
Advanced's investment offerings are open to the company's friends and family network, which has now grown to over 1,000 investors. "We are always open to welcoming new investors either through cash and retirement investments or through a contribution of their property, like in this case with Newhope Village," said Rick Julian.