Advanced Real Estate Services Buys 115 Units in Irvine
Essex Sells Axis 2300 Property for $57.5 Million
Advanced Real Estate Services, an owner and operator of residential properties throughout Southern California, acquired the Axis 2300 multifamily building at 2300 Dupont Drive in Irvine, California, for $57.5 million, or about $500,000 per home, from Essex Property Trust.
The 170,714-square-foot property was originally built as for-sale residential condominiums, but Essex purchased the development and decided instead to rent them out as apartments. The property features a swimming pool with cabanas and a clubhouse, tenant fitness center as well as a business center. It is located near office and entertainment properties and about one mile away from John Wayne Airport.
“We are excited about this unique asset that contains condo-quality apartment units averaging approximately 1,500 square feet. It is rare to find a property in such an ideal location with such large units,” Richard Julian, CEO of Advanced, said in a corporate statement announcing the sale.
Advanced financed the acquisition in-part with a combination of final exchange funds from its recent sale of a Huntington Beach mobile home park and its private equity fund, in addition to securing a new $29 million loan from Fannie Mae. Mike Elmore and Alex Kane of NorthMarq arranged the financing on behalf of the borrower.
Jeff Rowerdink and Joe Leon with Berkadia Real Estate Advisors represented both the buyer and the seller in the sale.
Please see CoStar COMPS #5415682 for additional information on this transaction.
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