Advanced Real Estate Purchases 138 Units in West Covina
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.
