Advanced Real Estate Services Buys 194 Res Units in Ontario
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.
ARES - Stadium House Acquisition
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.
ARES - Purchase of The Jackson Apartments
ARES Adds 193 Units to Anaheim Holdings
Irvine, CA – Advanced Real Estate Services, Inc. (ARES) has purchased a 193-unit apartment building near Anaheim Hills, adding to their already strong presence in the City. With this purchase, ARES counts 1,260 units in Anaheim in 9 properties consisting of nearly 15% of their portfolio.
ARES Plans to renovate and re-brand the property. The new name is “The Jackson Apartments.” Renovation plans involve upgrades to the leasing office and common areas including new pool cabanas, bbqs, dog park, signage & landscape. Interior renovations include the addition of washer and dryers in many of the units as well as upgraded flooring, fixtures, and the addition of quartz countertops.
Sean Deasy and Ryan Fitzpatrick from the Newport Beach office of HFF advised the seller in the transaction. The purchase price was approximately $54 million and ARES procured a new, approximately $35 million loan through Kevin MacKenzie and Lee Redmond, also from HFF.
According to Richard Julian, President of ARES, “this property was attractive to us based on the location, directly across the 91 freeway from a healthy employment base. Also, there has been virtually no new apartment construction in this section of Anaheim. Our renovations and rebranding should allow us to stand out in this submarket.”
Julian added, “the equity funds used for the purchase were the result of a refinancing of two of ARES’s existing assets. We didn’t need to raise new funds for this transaction. We are hoping to find more acquisition opportunities as this transaction required only a small percentage of our available funds. We also continue to generate additional funds from our regular refinances and new investor contributions.”
Advanced Real Estate Services, Inc. (ARES) was formed in 1982 and currently owns and operates over 8,000 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.
December 9, 2017
Advanced Management Company is proud to share that AMC has been voted one of the Orange County Top Workplaces for the third time.
The philosophy Live Happy® and Work Happy is embodied by our employees. With over 400 employees, our goal is to make coming home the best part of our residents' day.
Orange County Apartment Communities Urged to Go Smoke Free
Costa Mesa, CA (June 30, 2017) – The American Lung Association in California is urging apartment communities in Orange County to consider going smoke free to improve the health of residents.
Secondhand smoke exposure is a serious problem in multi-unit housing communities such as apartments and condos. Those residents who don't smoke can be exposed to toxic secondhand smoke from neighboring units or common areas. That exposure is especially harmful to those who suffer from asthma and other lung illnesses.
“It is an unfair situation for residents with lung disease that are forced to breathe in secondhand smoke,” said Ravi Choudhuri, Advocacy Director with the American Lung Association in California. “In most cases, those suffering from secondhand smoke exposure do not have the means to move, so transitioning communities to smoke free will go a long way towards improving public health.”
Some apartment communities have seen an increased interest from potential residents after going smoke free. The Parsons Apartment Homes in Costa Mesa transitioned to a smoke free community in 2012. In fact, The Parsons is professionally managed by Advanced Management Company, AMC, which transitioned its entire portfolio of nearly 8,000 units in Southern California to smoke free in 2012.
“We believe in providing a healthy, happy and green environment for our residents and transitioning to smoke free has been a big part of that initiative.” said (Danielle Holloway, VP). “We have found that many of our future residents and residents both appreciate and seek out this smoke free living environment. It's really become a positive experience for all involved.”
The Parsons Apartment Homes is a 60-unit community in Costa Mesa offering studios, one and two bedroom floorplans.
For more information about strong local tobacco ordinances in California, visit www.center4tobaccopolicy.org.
About the American Lung Association in California
The American Lung Association in California is the leading organization working to save lives by improving lung health and preventing lung disease through research, education and advocacy. The Lung Association is focused on four strategic imperatives: to defeat lung cancer, to improve the air we breathe, to reduce the burden of lung disease on individuals and their families, and to eliminate tobacco use and tobacco-related diseases. For more information about the American Lung Association in California or to support the work it does, call 1-800-LUNGUSA (1-800-685-4872) or visit www.lung.org/california
L.A. Secondary Markets Lure Investors
LOS ANGELES – Irvine-based Advanced Real Estate Services has acquired Olivewood Apartments, a 149-unit apartment complex in Lakewood, CA. The property is located in a secondary Los Angeles market that has seen ample growth recently, and as a result, the sale attracted dozens of buyers. ARES won the asset for $31 million, or $207,335 per unit, from Interstate Equities Corp.
“Lakewood has experienced 9% rent growth in the past 12 months, while occupancy there exceeds 98%,” Dean Zander, a senior managing director at Berkadia, tells GlobeSt.com. “All the interested investors were planning a moderate to extensive upgrade and/or reposition program to take advantage of the desirability of the location. ARES is well regarded as one of the most ambitious and experienced apartment renovation experts in the market, and they were excited tremendous upside play.” Zander represented the seller in the transaction.
Interstate Equities completed its seven-year business plan for the property, and decided to liquidate, according to Zander. He received tremendous interest from private capital investors, family offices and sponsored operators, which all saw the upside potential due to the recent growth in the market. “Lakewood is a market with infrequent apartment trades, very strong fundamentals and terrific employment. Lakewood is one of the leading markets in the South Los Angeles area, which saw 5% rent growth last year, with average rents at $1,838, and vacancy rates of 3.9%.
ARES plans to renovate and reposition the circa 1976 property to the tune of $6 million, and rebrand it as The 5800 Apartment Homes. The 149 units are a mix of one- and two-bedroom units. On site amenities include a pool and spa, a fitness center, two laundry facilities, a courtyard, picnic areas with barbecue grills. The property has onsite parking and gated entry. The investor raised $21 million in equity for the purchase and secured a $16 million loan for the remainder of the acquisition and the renovation plan.
'Everyone is Valued' - Happy workplace based on universal respect
Treating employees like family is one of the keys to the positive company culture underlying property-management firm Advanced Management Co. and its in-house construction division, R³ Construction Services Inc., according to Director of Training Rose Fitzgerald. Advanced Management Co. and R³ Construction made a second appearance among the Orange County Register's Top Workplaces in 2015.
“AMC and R³ are a company, and we have a business to run. But we are also a family,” Fitzgerald said. “In our family,everyoneis valued,everyonehas a voice, andeveryoneis treated with respect and consideration. We celebrate each other's successes and we stand by each other when difficulties arise. It's rare for a company to celebrate their employee's 10th, 20th and 30th anniversaries, but not at AMC and R³.”
Founded in 1982 by Rick Julian and Frank Holloway, Irvine-based Advanced Management Co. and R³ Construction currently serve about 8,000 families, focusing on bringing quality, innovation and environmental living to thousands of apartment homes.
Vice President Danielle Holloway noted, “AMC and R³ are at the forefront of design, quality and innovation in the property-management and construction industries. We handle all property management and renovations in-house. We build our custom cabinetry right here in our Irvine warehouse. We choose energy-efficient, durable products that improve the lives of our residents and the quality of our buildings, providing the best return for our investors. We prioritize a balanced lifestyle eminent in our slogan: ‘Live Happy. Live Healthy. Live Green.'”
“AMC and R³ Construction were built on a foundation of honest and ethical business practices with the vision to bring quality living to apartment homes,” Fitzgerald said. “The company understands that the employees are the key to making that vision come true.”
Holloway added, “Our team fosters a culture that genuinely cares about one another, our residents and our investors. Our employees' passion, motivation and drive for excellence create a positive work environment that pushes us to our best potential.”
Fitzgerald and Holloway noted that the company strives to ensure that each employee is cared for with a competitive salary and a fully paid health benefits package that encompasses medical insurance; life insurance; dental and vision coverage; a 401-K program with a 3 percent employer match; and paid holidays, including one's birthday.
The company hosts annual team events, such as its Employee Health Expo that offers free health screenings to all employees, industry-related training, fitness and wellness courses. The company also engages its team members in a variety of philanthropic endeavors, such as its annual companywide beach-cleanup event, the Susan G. Komen Race for the Cure, collecting back-to-school backpacks and supplies for children in need, providing Thanksgiving meals to families in need and adopting a family for the holidays.
Culture of respect
Fitzgerald noted that the company culture of Advanced Management Co. and R³ Construction is based on respect, leading by example, trust, accountability, and valuing the knowledge and ideas of team members.
“Employees are encouraged to ask questions, ask for help when needed and feel empowered to offer their ideas and suggestions,” she said. “Although we do have high expectations of our team, we also encourage having fun at work!”
Holloway noted that the company's leadership strives to lead team members within the organization by example.
“Through their compassion, generosity and honest, diligent work ethic, the leaders of our company inspire each team member to emulate this behavior towards our residents and investors,” she explained. “They lead by example and expect every individual to do their best, be honest and do the right thing.”
Recruitment and development
When recruiting, the company looks for adaptability, positivity, passion, graciousness, goal-orientation and honesty, in addition to the specific skills and experience required for any given position, Fitzgerald and Holloway noted.
“We also value good problem-solving skills and the ability to think outside of the box and find working solutions for our clients,” Fitzgerald added.
To encourage career-development and advancement among team members, Advanced Management Co. and R³ Construction have established a Career Track team devoted to diligently tracking each team member's career path and helping them to stay on track with their own personal career goals, noted Fitzgerald.
The company has also developed a peer-to-peer training program designed to help employees learn and grow to prepare themselves for advancement opportunities as they become available. Additionally, the company offers certification programs in specific areas relevant to its industry.
Advanced Management Company
Employees in region: 343
Recruitment Website: r3construction.com
Top Workplaces – Orange County Register, 2013, 2015
What employees enjoy
“AMC works around your work and family life.”
“I work for a great company.”
“It's fun, meaningful and makes me feel important.”
Luxury Living, Endless Amenities at Corona Pointe Resort
Come home and drift away to a lush oasis in a private cabana. Perhaps take in a “dive-in” movie in the custom lagoon pool with beach-style entry, or hit the gym, tennis court or Zumba class. Then cap off the day with a barbeque and relaxation with friends around one of the many fire pits. Whatever your pleasure, you will do it in resort-style luxury at Corona Pointe Resort.
After a complete renovation with a focus on detail, Corona Pointe Resort is making its mark as the gem of Riverside. Located in the heart of Riverwalk off the 91 freeway, the resort community has one- and two-bedroom floorplans with washer/dryers, refrigerators, dual-pane windows and central air in every unit. Select apartment homes may include large backyards, walk-in closets, a fireplace and/or hardwood floors.
Step out your front door into the lush landscape and you'll find no expense has been spared. An afternoon vacation is a stroll through the courtyard away. Enjoy pool volleyball and an oversized spa tucked away behind green landscape. Summer concerts on the plaza stage are sure to be a hit along with the outdoor televisions, fire pits, gathering areas with campfires, and custom barbeque islands. Private cabanas spot the resort and are complete with surround sound and a USB charging station.
For more outdoor fun in the sun, get a great workout at the tennis court or play a relaxing game of bocce ball. Take the kids to playground and the other “kids” to the dog park. Corona Pointe Resort has the whole family covered.
In addition to the beach-entry lagoon pool, two sparkling, outdoor resort-style pools and soothing spas await you. Can't take the heat? Step into the newly remodeled indoor pool, also featuring surround sound, luxurious furniture, remodeled bathrooms and showers, as well as an indoor spa. If you prefer a good workout, hop into the lap pool, complete with lane lines. There's also a racquetball court, a 24-hour fitness center, free-weights, and spin, aerobics and Zumba classes.
Corona Pointe Resort also has the lazy and rainy days covered. Take in a movie at the theater and grab a bucket of popcorn from the popcorn machine. Lounge around with a freshly-brewed Starbucks coffee while enjoying the music room. It's all part of the resort experience.
But it doesn't stop there.
We realize most of our residents live hectic and busy lives. Yes, we've got that covered too. Package receiving, and dry cleaning, car washing and concierge services are all part of the resort-style experience. Corona Pointe Resort is simply the ultimate in apartment home living.
Advanced Management Company Proudly Introduces Uptown Fullerton
Advanced Real Estate Services, Inc. (ARES) proudly announces the acquisition of Uptown Fullerton, a 421-unit apartment home community nestled on nearly 20 acres on Associated Road in Fullerton. Previously known as Camden Parkside, Uptown Fullerton boasts spacious one- and two-bedroom floorplans in a park-like setting with a variety of resort-style amenities, including, four swimming pools, five spas, two fitness centers, two tennis courts, a basketball court and a sand volleyball court. It is located off the 57 Freeway adjacent Craig Regional Park, and is a short distance from California State University, Fullerton and the Brea Mall.
The property is now professionally managed by Advanced Management Company (AMC), a division of ARES. Month-to-month and yearly leases are available.
ARES estimates a renovation budget of $25 million, which is currently underway and being professionally executed by R³ Construction Services, Inc., a sister company of ARES. Upon completion, Uptown Fullerton will boast a luxury living experience on a picturesque landscape of trees and greenery, complimented with top-of-the-line amenities, and unit interiors featuring custom cabinetry and quartz countertops.
Uptown Fullerton is located at 2656 Associated Road. It is the newest addition to the Advanced Real Estate Services, Inc. portfolio, and one of the largest multi-family transactions in Southern California this year. The company also has an option to build an additional 40 units on the site, which would bring the total to 461 apartment homes after completion.
Based in Irvine, California, ARES was formed in 1982 and currently owns and operates nearly 8,000 units throughout Southern California with a market value of over $2 billion. ARES funds its investments with private equity and handles all property management and renovation in-house.
Advanced Real Estate Services (ARES) Acquires 63 Townhomes in Riverside, CA
Advanced Real Estate Services (ARES) Acquires 63 Townhomes in Riverside, CA
Tuesday, August 2, 2016
Irvine, CA – August 2, 2016 – Just a few months after acquiring 149 units in Lakewood, CA, Advanced Real Estate Services, Inc. (ARES) has completed the purchase of the 63 unit Tuscan Townhomes in Riverside, CA.
The property, built as condominiums from 2007 to 2010, but rented as apartments, is adjacent to their larger 714 unit Corona Pointe Resort project. According to Richard Julian, President of ARES, the properties will be managed together. “This is a strategic acquisition that benefits both this new property and our existing Corona Pointe Resort. The townhomes offer a new floorplan with attached garages and more visibility on Magnolia. The residents at the Townhomes will benefit from the brand new resort-style amenities we are just completing at the larger property. Our newly upgraded common areas will set the standard in Riverside. We've added a lagoon-style, beach-entry pool, outdoor theater, multiple cabanas and fireplaces, state of the art gym, concierge, media room, spin room and more.”
Located near California State Route 91, Tuscan Townhomes is minutes away from the Tyler Mall, as well a wide variety of shopping, dining, and entertainment options.
Advanced Real Estate Services, Inc. (ARES) was formed in 1982 and currently owns and operates over 7,200 units throughout Southern California with a market value of nearly $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, renovating them to the highest standards, and then effectively managing them for the long-term.