REBusinessOnline

Advanced Real Estate Purchases Solare Apartment Complex in Santa Ana for $64M

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.

Content Partners
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Walker & Dunlop

Webinars on Demand


Conferences


Subscribe to the newsletter

Read the Digital Editions

Midwest Multfiamily & Affordable Housing Business

Western Multfiamily & Affordable Housing Business

Texas Multfiamily & Affordable Housing Business

Southeast Multfiamily & Affordable Housing Business

Heartland Recent Issue

Northeast Recent Issue

Southeast Recent Issue

Texas Recent Issue

Western Recent Issue

Shopping Center Business

California Centers

Student Housing Business

Seniors Housing Business

Featured Properties  

2021 Finance Insight Video Interviews