HUNTINGTON BEACH, CALIF. — Advanced Real Estate has acquired an apartment community in Huntington Beach, formerly known as Citron House, for $96 million. The buyer plans to implement a $7 million renovation project and rebrand the community as Surf House.
Located on Warner Avenue, the property features 264 apartments. The community will undergo an exterior facelift with new windows, balcony upgrades, paint, pool area overhaul with new cabanas, new signage and drive-entry enhancements. Apartment interiors will be modernized with new cabinetry, countertops, flooring, fixtures and a contemporary paint scheme.
R3 Construction, Advance’s in-house renovation company, is completing the renovations. Advanced Management Co., Advanced’s in-house management company, will operate the property.
In the transaction, Advanced assumed an approximately $53 million Freddie Mac loan, which has a remaining term of 1.5 years and bears interest at a 4.22 percent rate.
Geoff Boler, Johnathan Merhaut and Eugene Chong of Eastdil Secured’s Newport Beach office brokered the transaction.