Advanced Purchases 714-Unit Property in Record So Cal Apartment Deal

Camille Hardy • December 28, 2023

Advanced Purchases 714-Unit Property in Record So Cal Apartment Deal

Irvine, CA – Advanced Real Estate “Advanced” has added another major multi-family asset to its growing Orange County portfolio. The massive 714-unit apartment community is located across the street from Orange Coast College, two miles from South Coast Plaza, and only four miles from the world-famous harbors and beaches of Newport and Huntington. Advanced is rebranding the property as “The Grand Costa Mesa” and has budgeted $45,000,000 to transform the community into one of the most desirable properties in the area. This is the largest single apartment property to sell in Southern California and the second largest in the State of California in 2023.


“Very few large properties trade in Orange County, especially in a premier location like Costa Mesa” said Advanced CEO, Rick Julian. “The barriers to entry and replacement costs are so high, an asset like this can’t be duplicated at this basis, even with the extensive capital proposed for renovations.”


According to Advanced, the property will undergo an extensive transformation, with resort style pools and spas, a re-imagined club house, expansive dog park along with several gathering and BBQ areas. Washers and dryers will be added to every unit, and the interiors will be modernized with new cabinetry, countertops, flooring, fixtures, and contemporary paint-scheme. The renovations will be completed by Advanced’s in-house renovation firm, R3 Construction Company. Property management will be handled by their in-house, Advanced Management Company (AMC).


JLL Capital Markets represented the seller, and represented Advanced to secure a $150,800,000 Freddie Mac loan, at a fixed interest-rate of 5.95% for 10 years, with full-term interest-only payments. The loan will be serviced by JLL Real Estate Capital, LLC, Freddie Mac Optigo℠ lender. The Investment Sales Advisory was led by Senior Managing Director Blake Rogers, Managing Director Ryan Fitzpatrick, Directors Chelsea Jervis and CJ Angle and Associates Carter Jones and Audrey Souders. The JLL Capital Markets Debt Advisory Team was led by Executive Managing Director Kevin Mackenzie, Senior Managing Director Greg Brown, Director Charlie Vorsheck and Analyst Kyle White.


This is the third 2023 property acquisition by Advanced, who also purchased the Edison Apartments in downtown Long Beach on March 31st, 2023. The Edison is a 12-story former high-rise office building, converted to luxury apartments. They also purchased the 264-unit, Surf House Apartments in Huntington Beach in September. With these acquisitions, Advanced was the most active buyer of apartments in Southern California in 2023.


“We couldn’t have asked for three more prime assets to add to our Southern California Portfolio this year” added Paul Julian, Rick’s son and President of Advanced. “The Edison, Surf House and The Grand are all in coastal locations with terrific freeway access and surrounded by irreplaceable amenities and commerce.”


The nearly 12,000 apartment units owned and operated by Advanced are all located in Southern California. “This allows us to efficiently manage and renovate our assets. It also mitigates the risks associated with buying out of State” continued Paul Julian.


Advanced is unique in that their funds come from private investors; they don’t utilize institutional capital. Rick Julian added, “We raise all capital from “friends and family” investors. This group has now grown to almost 1,000. We allow them to use their retirement funds in a creative structure which has provided our investors exceptional returns.” Advanced is a long-term holder of their assets and returns capital to their investors through cash-flow and periodic refinancing. Advanced is actively looking for more properties to purchase or to absorb into their growing portfolio through creative contribution structures.

 

About Advanced Real Estate (Advanced)

Advanced Real Estate Services, Inc. was incorporated in 1984 and currently owns and operates nearly 12,000 apartment units throughout Southern California with a market value in excess of $4 billion. Advanced Real Estate funds their investments with private equity. All property management and renovation are carefully administered through their in-house management, Advanced Management Company, and construction arms, R3 Construction Services, Inc. This vertically integrated approach allows Advanced Real Estate to most efficiently execute their business plan of acquiring value-add properties, renovating them to the highest standards, and then effectively managing them for the long-term. In 2023 Advanced Real Estate introduced its newest exchange opportunity fund, The X Fund. It was designed to allow existing owners of smaller properties to contribute their properties, tax-free, into a larger property Fund. It is a simple, easy, and more profitable alternative to a 1031 exchange. To learn more about Advanced Real Estate please visit www.advancedrealestate.com.

Advanced Real Estate Goes Hollywood with Purchase of Luxury Towers

April 28, 2026
Irvine, CA – Advanced Real Estate (Advanced) has made Southern California’s largest multi-family buy of 2026, purchasing the 200-unit Columbia Square Living (now renamed “Sky Hollywood”) and the 193-unit Jardine Hollywood towers. These acquisitions bring the Advanced portfolio to almost 13,000 units in Southern California. The high-profile properties enjoy premium locations in the heart of the entertainment capital of the world. Sky Hollywood is situated a block south of Hollywood Boulevard at El Centro, and Jardine is located a block south of Sunset Boulevard at Ivar. They both offer luxury apartments with top-of-the-line amenities, including rooftop pools, large fitness centers, resident lounges, floor-to-ceiling windows, and luxury appliances. Each of the properties contains penthouses leasing from $12,000 to $20,000 per month. Current and past residents include film and television celebrities, social media influencers, professional athletes, and entertainment executives. Sky Hollywood and Jardine are two of only five apartment towers in Hollywood and make up over half of the stock of high-rise units. “With the World Cup and the Olympics coming to Los Angeles, along with movie and television production returning to the region, we feel the future looks bright for Hollywood. Entertainment is constantly changing, but Hollywood has stayed relevant in traditional media, social media, and technology,” said Paul Julian, President of Advanced. “Hollywood is one of the most recognized places in the world; no town has had a bigger influence on global popular culture. We’re honored to own these significant assets here.” This is the third acquisition for Advanced’s newest Opportunity Fund (Advanced Fund 24-3). They purchased “The Cove” in October, a 138-unit property in West Covina and Newhope Village, 104 units in Santa Ana late last year. They plan more Southern California apartment acquisitions in 2026. Advanced’s capital comes from their large “friends and family” network of investors. With a 45-year track record, they can raise significant funds to purchase some of the largest assets in Southern California. “Our business plan is to stay within our market where there are high barriers to entry and where we have a long history of operations,” said Rick Julian, CEO of Advanced. Property Management will be handled in-house by Advanced Management Company (AMC). They also plan cosmetic upgrades to the properties, which will be administered by their affiliated construction company, R³ Construction Services. The property was brokered by Blake Rogers, Senior Managing Director and National Multi-Housing Group Leader at JLL, Senior Director Dillon Bergum, and Managing Directors Alexandra Caniglia and Kip Malo of JLL Capital Markets. Kevin Mackenzie, President of JLL’s Capital Markets Group for the Americas, along with JLL’s Orange County-based Capital Markets team, including Senior Managing Director Greg Brown and Director Charlie Vorsheck procured two separate, uncrossed loans totaling $141.4 million from Freddie Mac. The loan has an attractive 5.17% rate, fixed for 10 years, with interest-only payments. About Advanced Real Estate Advanced was formed in 1981 and currently owns and operates nearly 13,000 apartment units throughout Southern California, with a market value of over $4.5 billion. Advanced funds their investments with private equity. All property management and renovations are carefully administered through their in-house management and construction arms, Advanced Management Company and R³ Construction Services. This vertically integrated approach allows Advanced to most efficiently execute their business plan of acquiring value-add properties, renovating them to the highest standards, and then effectively managing them for the long term. To learn more about investing in or selling to Advanced, please visit www.advancedrealestate.com . About AMC Based in Irvine, CA, AMC is a subsidiary of Advanced Real Estate Services, Inc., a real estate investment company founded in 1982 by Richard Julian and Frank Holloway. AMC maintains and operates nearly 13,000 multifamily units in Southern California. Find out more at amcliving.com . To learn more about investing in or selling to Advanced, please visit www.advancedrealestate.com .

Advanced Real Estate Acquires 104 units in Santa Ana

December 3, 2025
Irvine, CA – Advanced Real Estate has acquired the “Newhope Village,” apartments adding to its 12,000+ unit portfolio in Southern California. “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. The gated, podium-style property features a host of amenities including pool, fitness center and tot-lot. This is the second acquisition for Advanced’s newest Opportunity Fund (Advanced Fund 24-3). They purchased “The Cove” last month, a 138-unit property in West Covina and they plan multiple other 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. They are now partners in our Fund and diversified amongst the other assets” said Paul Julian, Rick’s son and President of Advanced. Advanced’s investment offerings are open to their “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” continued Rick Julian. 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. About AMC Based in Irvine, CA, AMC is a subsidiary of Advanced Real Estate Services, Inc., a real estate investment company founded in 1982 by Richard Julian and Frank Holloway. AMC maintains and operates nearly 12,000 multifamily units in Southern California. Find out more at amcliving.com . To learn more about investing in or selling to Advanced, please visit www.advancedrealestate.com .

Advanced Real Estate Purchases 138 Units in West Covina

November 3, 2025
Irvine, CA – Advanced Real Estate has paid $41 million to purchase “The Cove at West Covina,” adding to its 12,000+ unit portfolio in Southern California. “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 multi-family 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 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. The gated property features a host of amenities including 2 pools with cabanas, fitness center, fire-pits, garages and a large open landscaped area. This is the first purchase for Advanced’s new Opportunity Fund (Advanced Fund 24-3). They plan multiple other Southern California apartment acquisitions in the coming year. Advanced’s investment offerings are open to their “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,” continued Rick Julian. “We are always open to welcoming new investors.” Advanced assumed a $21 million, Freddie Mac Loan, with a fixed interest rate of 4.75%, and full-term interest-only payments. The sale was brokered by Shane Shafer, previously of Northmarq and now with Colliers. About AMC Based in Irvine, CA, AMC is a subsidiary of Advanced Real Estate Services, Inc., a real estate investment company founded in 1982 by Richard Julian and Frank Holloway. AMC maintains and operates nearly 12,000 multifamily units in Southern California. Find out more at amcliving.com .