SANTA ANA, CALIF. — Advanced Real Estate Services has acquired a multifamily property in Santa Ana for $64 million with the buyer assuming an existing loan of approximately $37 million.
Formerly called Solare, the property will be rebranded as River House. Situated next to the Santa Ana River and Riverview Golf Course, the community features 240 apartments, two swimming pools, a fitness center and a playground. Individual units offer fireplaces, balconies and central air conditioning. The property was built in 1987.
Advanced plans to implement a $10 million renovation project at the property. The plans include new windows, roofs, wood siding repair, a modern paint scheme and landscaping. Additionally, the company plans to upgrade the unit interiors with new flooring, cabinets, counters, fixtures and paint.
Tyler Leeson of Marcus & Millichap and Stewart Weston of CBRE brokered the transaction. The name of the seller was not released.