Advanced Real Estate Services Buys 194 Res Units in Ontario

April 22, 2019

Advanced Real Estate Services Inc (ARES) has completed the purchase of 194 units in Ontario from TruAmerica Multifamily. The property, Mountain Summit, sits just south of I-10, on the western edge of the city. Formerly a condominium project, ARES is buying 194 of the 199 units.
“We are very bullish on the inland Empire market. It has been one of the top performing regions in the nation over the past few years. Job growth continues to escalate, yet multi-family construction is not keeping pace,” stated Richard Julian, President of ARES. “We have no plans to sell this property, so there is a good chance we will acquire the remaining five units in the coming years and obtain control of the entire project,” Julian added.

ARES plans to re-brand the property to “West Fifth Apartments” and will spend over $5.5 mil in upgrades. The improvements will be focused on new roofs, windows, paint scheme and interior unit upgrades, including the addition of washer and dryers. Most of the common areas have already been upgraded but will receive some additional enhancements.

“We own a 116-unit building in Montclair on the same street and less than a mile and a half from this property. With our current upgrades, we have been able to achieve more than a $200 premium in monthly rents from what Mountain Summit is achieving today” stated Julian.
The West Fifth Apartments should benefit from the robust expansion of the Inland Empire. It is currently ranked third in the United States for population growth and has averaged 5.9% in rent growth over the past three years.

The seller in the transaction, TruAmerica Multifamily, was represented by Jim Fisher, Jeff Rowerdink and Mike Smith of Berkadia. Mike Elmore of Nortmarq Financial procured a $27.9 mil Freddie Mac loan on behalf of ARES.

“We were able to accommodate some of our investors who were completing 1031 tax-deferred exchanges out of different properties into this as TIC members. In all, we raised around $22 mil of private equity for this acquisition and renovation. Over the past year, we refinanced a portfolio of over $260 mil creating a large “war chest” of funds for further acquisitions, Julian stated.

The post Advanced Real Estate Services Buys 194 Res Units in Ontario appeared first on AMC.

Newer Post >

Share

Mail

Yelp Recognizes Three Advanced Management Company Communities for Continued Excellence

February 13, 2025

Four Seasons, Serena Vista and Summerwood properties earn People Love Us on Yelp awards in back-to-back years.

AMC Steps Up with Housing Relief for Families Affected by Wildfires

January 10, 2025

AMC apartment communities across Southern California offer discounted rental rates, furnished apartments and expedited move-in to support affected families. Irvine- Advanced Management Company (AMC), a leading property management company with nearly 12,000 apartment homes throughout Southern California, has announced an immediate housing relief campaign to support families displaced by the devastating wildfires currently affecting Los Angeles. With thousands of residents forced to leave their homes, AMC is stepping in to provide affordable and immediate housing options in this time of crisis. "We understand the critical need for safe, stable housing for those who have lost their homes or been displaced. AMC is committed to supporting these families and helping them rebuild during this challenging time," said AMC President Danielle McCarthy. AMC is offering the following to individuals and families displaced by the wildfires: 5% Discount on Rent: Displaced residents will receive a 5% reduction in market rent for the entirety of their lease term. Immediate Move-Ins: AMC is prepared to expedite the move-in process to provide swift relief. Fully Furnished Apartments: AMC will provide fully furnished apartments to those forced to relocate. Flexible Lease Terms: Recognizing that recovery and rebuilding can be an unpredictable and challenging process, various lease term options, including month-to-month, are available. Additional Benefits: Displaced individuals are also eligible for any current community concessions in addition to the 5% discount. "Our hearts go out to everyone impacted by these devastating wildfires," said AMC President Danielle McCarthy. "We understand the critical need for safe, stable housing for those who have lost their homes or been displaced. AMC is committed to supporting these families and helping them rebuild during this challenging time." Those affected by the wildfires can visit amcliving.com to inquire about available units. AMC's team is ready to assist with applications and ensure a seamless and swift move-in process. Applicants must meet the standard community criteria for leasing and show verification of displacement due to the wildfires. About AMC About Advanced 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 .

Advanced Real Estate Purchases the 210-Unit Canvas Apartments in Downtown Los Angeles

August 30, 2024

Irvine, CA – Advanced Real Estate has added another major multi-family asset to its growing portfolio. Canvas LA, a 210-unit property that sits along the 110 Freeway in Downtown Los Angeles was purchased for approximately $62 million. “It’s rare to find such a well-built, podium property like this, for under $300,000 a unit.” Said Rick Julian, CEO of Advanced. “We haven’t seen that kind of pricing in over a decade.” “The property has an ideal location across the street from Vista Hermosa Park. It’s only a 10-minute walk to all the cultural attractions of Bunker Hill including the Broad Museum, Walt Disney Concert Hall, Dorthy Chandler and Ahmanson Theater” said Paul Julian, Rick’s son and President of Advanced. “Trendy Echo Park, is also just over a mile away.” Advanced plans only light renovations at the property as the previous owner had invested over $3 million into upgrades after purchasing it in 2018. The property features a host of unique amenities including a resort-style pool with cabanas, large gym with separate cardio studio, game room, conference and office space, screening room, and sky deck with fire-pit. This was the final purchase for Advanced’s most recent acquisition Fund. That Fund also purchased Edison Long Beach, a 156-unit luxury residential high-rise, the 264-unit Surf House Apartments in Huntington Beach and the 714-unit The Grand Costa Mesa. These recent purchases made Advanced the largest buyer of apartments in Southern California in 2023. “We are long-term holders and wanted to seize this low-basis opportunity. We see a bright future for Los Angeles with the upcoming 2028 Olympics” added the Julians. Advanced will now kick off a new Fund which will be open to their “friends and family” investors and looks to continue to strategically increase its current portfolio of over 12,000 units in Southern California. “Our investor base of over 1,000 families continues to grow as we find great opportunities such as Canvas”, continued Rick Julian. The sale was brokered by Blake Rogers, Kevin Sheehan, Ryan Fitzpatrick, Chelsea Jervis, CJ Angle, Alexandra Caniglia, and Kip Malo of JLL Capital Markets. Advanced procured a $39,975,000 Freddie Mac loan, at a fixed interest-rate of 5.12% for 7 years, with full-term interest-only payments. Kevin MacKenzie, Greg Brown, Charlie Vorsheck, also of JLL Capital Markets arranged the financing. About Advanced 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. R³ is a leader and innovator in the construction industry, specializing in high-volume renovations for multifamily clients in Southern California. Find out more at amcliving.com or r3construction.com .

Advanced Real Estate Services Buys 194 Res Units in Ontario