Advanced Real Estate Services purchased a 212-unit apartment complex in downtown Riverside for just over $ 80 million.
The company bought the Mission Lofts from Newport Beach-based Realm Group, according to the registry. The case is equivalent to $ 377,358 per unit.
Realm Group developed the property and completed it in 2019.
Fannie Mae has provided a 10-year full rate loan to Advanced Real Estate Services for the acquisition, said Mike Elmore of Northmarq, who, along with four colleagues, arranged the financing.
Mission Lofts are a mix of studio and two-bedroom apartments, according to a real estate website. The smallest studio units total 459 square feet and the larger two-bedroom unit – which includes a loft – totals 1,188 square feet.
Common amenities include a swimming pool and spa, gym, dog park, barbecue stations and a club room with a pool table and shuffleboard. There is also a bicycle storage room and charging stations for electric vehicles.
This is the latest acquisition through an Advanced Real Estate Services fund raised last year. The company has acquired five other properties, including the James in Riverside, through the fund. These properties and Mission Lofts total 1,027 units.
The investor also took over a 346-unit complex in Chino Hills last October via a 1031 exchange. ARES paid $ 130 million for the newly constructed complex, called The Crossing. The seller was Bridge Investment.
All of these deals were made in Riverside or San Bernardino, which together are known as the Inland Empire, a part of Southern California that had the highest percentage of rent growth in the country in the first quarter of this year, in part because of increased demand. for suburban-style housing in the midst of the pandemic.
The University of Southern California predicts that the average total rent in the Inland Empire will increase from $ 241 to $ 2,068 by the end of the third quarter of 2023, which would still make it the most relatively affordable market in the region. expensive region of Southern California.
[The Registry] – Denis lynch