COSTA MESA, CALIF. — Advanced Real Estate has acquired a 714-unit apartment community in the Orange County city of Costa Mesa for an undisclosed price. The company is rebranding the property as The Grand Costa Mesa and has budgeted $45 million to renovate the asset.
Planned renovations include resort-style pools and spas, a re-imagined clubhouse, expansive dog park, gathering places and barbecue areas. Additionally, washers and dryers will be added to every unit and interiors will be upgraded with new cabinetry, countertops, flooring, fixtures and contemporary paint schemes.
R3 Construction Co., Advanced’s in-house renovation firm, will complete the renovations. Advanced Management Co. will manage the property.
Blake Rogers, Ryan Fitzpatrick, Chelsea Jervis, CJ Angle, Carter Jones and Audrey Souders of JLL Investment Sales Advisory team represented the undisclosed seller in the transaction.
Kevin Mackenzie, Greg Brown, Charlie Vorscheck and Kyle White of JLL Capital Markets Debt Advisory team secured a 10-year, $150.8 million Freddie Mac loan, which features full-term interest-only payments, for Advanced. JLL Real Estate Capital, Freddie Mac Optigo Lender, will service the loan.