Advanced Real Estate has expanded its Orange County portfolio with the acquisition of a new multifamily asset. The property, known as Beachpoint, includes a 68-unit apartment building and a 12,000-square-foot multi-tenant office building in Huntington Beach. Situated near the beach and another recent Advanced purchase – the Surf House with 264 units – this off-market transaction was brokered by Gary Tolfa from Triqor’s Newport Beach office. Farmers & Merchants Bank provided financing for the deal.
According to Advanced, Beachpoint was well-maintained by its previous owner but will undergo upgrades such as new paint, signage, improved amenities and enhanced drive-entry features. This addition to their portfolio was contributed by the current owner to Advanced’s latest X Fund which is set to close its acquisition period on December 31st of 2024. Investors can contribute their properties tax-free into this fund in exchange for limited partnership shares.
President Paul Julian states that after acquiring over 12,000 units in four decades they have learned how profitable larger properties are compared to smaller ones due to increased efficiency and less competition during purchases. This allows investment groups associated with Advanced Real Estate an opportunity for lower basis investments.
