ARES – Stadium House Acquisition

September 28, 2020

ARES – Stadium House Acquisition

July 16, 2018

ARES Acquires High-Profile Property at the Doorstep of Angel Stadium

Irvine, CA – Advanced Real Estate Services, Inc. (ARES) has completed the purchase of a 251 unit mixed-use property in the Platinum Triangle. The property sits directly across the Street from the Grove Theater just outside the parking lot of Angel Stadium. At the base of the 6-story building is “The Catch” restaurant which has been a landmark in Orange County since 1978. Originally designed and built as Condominiums in 2009, the property features large modern units averaging over 1,200 square feet and an abundance of amenities including a 6th floor entertainment deck overlooking the Stadium.

Richard Julian, President of ARES stated, “We are excited about adding this asset to our portfolio in Anaheim. Our goal is to complete cosmetic upgrades so we can continue to compete with the new product currently being delivered. We feel we have an advantage as this asset is the most well located in the submarket and the units are much larger than the competition.”

ARES plans a complete re-branding of the property to “Stadium House” and will spend over $5.3 million in upgrades. The improvements will be focused on the leasing office, fitness center, pool area, clubhouse, dog park, courtyards, elevators & lobbies. A new shared work space will also be created for residents who work from home to have access to professional offices and conference facilities. The interiors will receive new flooring, paint and technology features. The 6th floor entertainment deck will be completely overhauled so that residents can enjoy the breathtaking views, game days, events and fireworks from Angel’s Stadium.

“We plan to work with The Catch restaurant to host catered events on our 6th floor deck. We will install ovens, beer taps, refrigerators and other kitchen equipment so that the deck can be an extension of their restaurant on game days. We are also in discussions with The Catch and Flame Broiler to provide room service to our residents. These services and amenities will create a hotel-like atmosphere at the property” added Julian.

The Stadium House property should benefit from the increase in commercial development in the Platinum Triangle market. LT Global has announced they have plans to start construction on their transformative development (directly across the stadium parking lot) as soon as the end of this year. This project will include retail, hotel and residential uses. Also, one block away, Lennar is under construction on their “A Town” development which will include approximately 50,000 additional square feet of retail development.

The seller of this property was represented by Sean Deasy and Ryan Fitzpatrick of HFF’s Newport Beach Office. Mike Elmore of Nortmarq Financial procured a $67.5 million Fannie Mae loan on behalf of ARES.

“We raised over $50 million of private equity for this acquisition. A large piece of that came from the refinance of 4 of our other nearby properties” added Julian.

Advanced Real Estate Services, Inc. (ARES) was formed in 1982 and currently owns and operates over 8,250 units throughout Southern California with a market value in excess of $2 billion. ARES funds their investments with private equity and handles all property management and renovation in-house. This vertically integrated approach allows ARES to most efficiently execute their business plan of acquiring value-add properties in Southern California, renovating them to the highest standards, and then effectively managing them for the long-term. To learn more about ARES please visit www.advancedonline.com.

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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 .
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