The property has four pools, five spas, two fitness centers, a business center, two tennis courts, and a basketball and volleyball court. It is located adjacent to the Craig Regional Park and less than a mile north of California State University Fullerton and walking distance to Brea Mall.

“Within a few weeks we raised over $55 million from our broad investor base of friends & family. They recognize what a prime candidate this property is for our unique renovation capabilities and understand the terrific potential upside that can be achieved,” added Julian.

Advanced Real 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.

Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.

FULLERTON, CA—Advanced Real Estate Services (ARES) has completed the purchase of a 421-unit multifamily property here. With a price estimated to be around $100 million, this one of the largest multifamily transactions in Southern California this year. The seller was represented by Michael Murphy of Moran & Company and the buyer represented themselves.

A $69.3 million Freddie Mac loan was arranged by Mike Elmore, executive vice president and managing director of the Los Angeles office of Northmarq Financial. The initial interest rate on the loan was 2.9%.

Irvine-based ARES plans a re-branding of the property to, Uptown Fullerton and will completely renovate the interior, exterior and common areas. The firm also plan to build the additional, already-approved, 40 units on the site. ARES' renovation budget is around $25 million.

“This property sits on almost 20 acres in prime Orange County in an irreplaceable in-fill site along the 57 freeway near employment, amenities, and one of the largest Universities in the State,” said Richard Julian, president of ARES. “When we are finished renovating, this property will be like new.”

The property has four pools, five spas, two fitness centers, a business center, two tennis courts, and a basketball and volleyball court. It is located adjacent to the Craig Regional Park and less than a mile north of California State University Fullerton and walking distance to Brea Mall.

“Within a few weeks we raised over $55 million from our broad investor base of friends & family. They recognize what a prime candidate this property is for our unique renovation capabilities and understand the terrific potential upside that can be achieved,” added Julian.

Advanced Real 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.

Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.