Advanced Real Estate closed out 2023 by acquiring a 714-unit Costa Mesa apartment property for a reported $234 million. To be rebranded as The Grand Costa Mesa, it represents the year’s largest single-property multifamily sale in Southern California and the second-largest statewide.
“Very few large properties trade in Orange County, especially in a premier location like Costa Mesa,” said Advanced CEO Rick Julian. “The barriers to entry and replacement costs are so high, an asset like this can’t be duplicated at this basis, even with the extensive capital proposed for renovations.”
JLL Capital Markets represented the undisclosed seller and advised Advanced in securing a $150,800,000 Freddie Mac loan. The Investment Sales Advisory was led by JLL’s Blake Rogers, Ryan Fitzpatrick, Chelsea Jervis, CJ Angle, Carter Jones and Audrey Souders. The JLL Capital Markets Debt Advisory Team included Kevin Mackenzie, Greg Brown, Charlie Vorsheck and Kyle White.
