Advanced Real Estate has acquired the 126-unit Casa La Paz apartment community in Rowland Heights and reintroduced the property under a new name, The Rowland. As part of the change in ownership, the company plans a comprehensive renovation program intended to refresh the asset and its competitive position in the local multifamily market.
The improvements will span both the exterior and interior of the property. Planned work includes exterior upgrades and a modernization of unit interiors, alongside enhancements to community amenities. While specific scopes of work and timing were not disclosed, the renovation program is described as broad in nature, signaling that Advanced Real Estate expects to reposition the community following the acquisition.
This latest transaction continues a period of active deployment for Advanced Fund 24-3. The purchase of The Rowland marks the fifth property acquired by the fund over the past eight months, underscoring the vehicle’s ongoing strategy to assemble a portfolio of multifamily assets. The fund is managed by Advanced Real Estate, which is using the entity as its investment platform for acquisitions such as this Rowland Heights community.
The Rowland transaction was executed using Advanced Real Estate’s 721 tax-deferred “exchange and contribution” structure. Under this approach, the former ownership group contributed the property into Advanced Fund 24-3 in exchange for partnership interests in the fund, allowing them to preserve equity and defer taxes rather than complete a conventional sale. As part of the same closing, certain partners in the selling partnership who preferred liquidity received a cash payout from Advanced.
Richard Julian, CEO of Advanced Real Estate, noted that many apartment owners are looking for ways to transition out of direct property ownership and daily management responsibilities while still maintaining investment exposure. He said the firm’s 721 contribution structure enables owners to roll their property into a diversified, institutional-quality portfolio for long-term participation, while reducing the operational demands and risks associated with hands-on ownership. Julian added that this structure has been used across numerous acquisitions completed by the firm.
Through the acquisition and planned renovation of The Rowland, Advanced Real Estate continues to execute a strategy that blends tax-deferral solutions for legacy owners with value-add upgrades at the asset level, using its discretionary fund as the central vehicle for capital and ownership.
