Advanced Real Estate Services Inc Buys 235-Unit Multifamily Property in Long Beach
October 3, 2019
Advanced Real Estate Services Inc (ARES) has acquired a 235-unit apartment building in Long Beach. The property, Alvista Long Beach” is located at 1718 Ximeno Ave, in the “Traffic Circle” area near California State University, Long Beach and about two miles south of the Long Beach Airport.
ARES plans to re-brand the property “The Circle Apartments at Long Beach” and will spend over $6 mil in upgrades. The improvements will be focused on new windows, pool area upgrades, added business center and paint scheme. Interior unit upgrades will include new flooring, paint, fixtures, and smart locks. Some non-renovated units will also receive new cabinets and countertops. The property has three pools, a fitness center, and lounge.
“The Circle is in an ideal rental location as it provides easy access to jobs, retail, a major University, and the 405 Fwy,” noted Richard Julian, President of ARES. “Although Long Beach is seeing an increase of new apartment development, the “Traffic Circle” submarket has seen almost no new supply in decades.”
Long Beach’s location between the burgeoning business hubs of Coastal LA and OC make it an attractive market for multi-family investors. It is also one of only three large cities in the state that has a waterfront location and significant transportation infrastructure. Further, it is home to the busiest port in the nation.
Kevin MacKenzie and Greg Brown from JLL’s Newport Beach office arranged a $46.8 mil, 3.41%, 10-year, interest-only, Freddie Mac loan on behalf of ARES for this property.