“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,” said Richard Julian, CEO of Advanced Real Estate. “The access to the job-rich Irvine Business Complex, John Wayne Airport, the 405 freeway and nearby Newport Beach as well as the quality podium construction made this property extremely appealing. We plan a light renovation and a long-term hold of this difficult-to-replace asset.”
Michael Elmore, Alex Kane, Joe Giordani and Brendan Golding of NorthMarq’s Newport Beach office secured $29 million in acquisition financing for Advanced Real Estate. The recent transaction was sized to 50 percent of the purchase price of $57.5 million.
“Our Fannie Mae team was able to overcome numerous obstacles including four TIC ownership structure, a city regulatory agreement and an interest rate cap in an accelerated timeline to satisfy the required quick closing,” said Kane.
Axis 2300’s community amenities include EV charging stations and dry-cleaning services.