ANAHEIM, CA-Advanced Real Estate Services Inc. of Lake Forest has acquired a 149-unit apartment complex called the Pacific Palms for $21 million from an LLC controlled by UDR, a Denver-based apartment REIT. The property is a two-story project of 126 two-bedroom units, 20 one-bedroom units and three three-bedroom units. The units average approximately 1,050 square feet and are either townhomes or single-story units on over eight acres. The property was over 95% occupied at closing.

ARES intends on renovating and repositioning the property "to capitalize on the upside in rents the market," the company says. Rick Julian, president of ARES, notes that the company already operates more than 1,000 units in Anaheim and has acquired 700 units in Southern California in the last 12 months. ARES, which has a track record spanning nearly 30 years, is actively acquiring apartment properties in Southern California with a large base of privately placed equity.

The sale was brokered by Joe Leon of the Newport Beach office of Hendricks & Partners and Dean Zander of Hendricks & Partners in Los Angeles, who represented the seller. Mike Elmore of NorthMarq Capital arranged a 10-year fixed-rate financing at 4.48% through Freddie Mac.