Advanced Real Estate acquired the Newhope Village apartments at 315 S. Newhope St. in Santa Ana, adding to its 12,000-plus-unit portfolio in Southern California. Terms were not disclosed. The acquisition is the second for Advanced’s newest Opportunity Fund, following the purchase of The Cove, a 138-unit property in West Covina
“Newhope Village fits perfectly with our surrounding properties; we now have over 1,750 units in the city of Santa Ana,” said Rick Julian, CEO of Advanced. “This creates even more efficiencies with management and renovations.”
The acquisition was made through a 721 contribution, “which allowed a tax-deferred transaction for the family who owned it,” said Paul Julian, Rick’s son and president of Advanced. “They are now partners in our fund and diversified amongst the other assets.”
Advanced plans significant renovations and upgrades to the property, including the addition of in-unit washer and dryers, new cabinetry, flooring, fixtures, appliances, windows and a modern paint scheme.
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