Irvine-based firm secures nearly $252M in financing for 8-property portfolio in SoCal
Advanced Real Estate Services also received financing to acquire Stadium House in Anaheim
Advanced Real Estate Services, a residential real estate investment firm based in Irvine, has secured $251.5 million in financing for an eight-property portfolio across Southern California with 1,261 apartment units.
The company, also called ARES, refinanced seven multifamily properties for $184.4 million, the company announced July 13. It also secured a $67.6 million loan to purchase Stadium House, a 251-unit property at 2100 E. Katella Avenue in Anaheim.
Fannie Mae provided the 10-year, interest-only loan at an average interest rate of 4.23 percent. Managing director Michael Elmore at NorthMarq Capital arranged the financing.
The portfolio includes four properties — two in Costa Mesa and two in Norwalk — and one in Montebello, Bellflower, Santa Ana and Anaheim.
ARES, led by Richard Julian and Frank Holloway, owns and manages over 9,000 apartment units spread out over Orange and Los Angeles counties. In Orange County, the firm is also developing a residential project at Corona del Mar, as well as a 172-acre mixed-use development at San Juan Capistrano.