RIVERSIDE, CA-Advanced Real Estate Services, Inc. (ARES) of Irvine has finalized the purchase of the Corona Pointe Apartments, a 714 unit community here.
One of the largest apartment transactions to take place in California this year, the deal comes on the heels of two other major transactions for ARES in the past month; a $150 million refinance of some of ARES' properties and the purchase of the Marquis Apartments in Fullerton.
In the Corona Pointe transaction, ARES assumed nearly $70,000,000 of financing from Fannie Mae. The firm raised an additional $34 million of equity and renovation funds.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
