WESTMINSTER AND ANAHEIM, CALIF. — Advanced Real Estate has purchased a two-property apartment portfolio located in Westminster and Anaheim. The 245-unit transaction was valued at $72 million.
The properties are The Edward, a 128-unit community in Westminster formerly known as Hollybrook, and The Lincoln on Grand, a 117-unit property in Anaheim formerly known as Rancho Vista.
Built in the early 1970s, both properties offer garden-style apartments, swimming pools and fitness centers. The buyer plans to renovate both assets, including new roofs, windows, siding, landscape, hardscape, new cabinets, counter, fixtures and paint.
Sean Deasy and Ryan Fitzpatrick of JLL’s Irvine office represented the undisclosed seller in the deal. Commercial Bank of California provided an acquisition loan for the buyer.