In a major deal for the Southern California real estate market, Advanced Real Estate has acquired a 714-unit apartment property in Costa Mesa for $234 million. The property will be rebranded as The Grand Costa Mesa and is the largest single-property multifamily sale of 2023 in the state.
According to Advanced CEO Rick Julian, this acquisition is significant due to the limited availability of large properties in Orange County, especially in prime locations like Costa Mesa. He also noted that with high barriers to entry and replacement costs, it would be difficult to replicate this asset at such a favorable price even with proposed renovations.
The seller was represented by JLL Capital Markets while JLL’s Blake Rogers, Ryan Fitzpatrick, Chelsea Jervis,CJ Angle,Carter Jones,and Audrey Souders advised Advanced on securing a $150.8 million Freddie Mac loan. Additionally,JLL’s Kevin Mackenzie,Greg Brown ,Charlie Vorsheck,and Kyle White provided debt advisory services.
This transaction marks an important milestone for SoCal’s real estate market without mentioning any specific platforms or organizations involved.
