Advanced Real Estate Acquires, Rebrands Rowland Heights Apartments
Advanced Real Estate has acquired the 126-unit Casa La Paz apartment community in Rowland Heights. The property has been rebranded as The Rowland and will undergo a comprehensive renovation program including exterior improvements, upgraded interiors, and enhanced community amenities. The acquisition marks the fifth property acquired in the past eight months by Advanced Fund 24-3.
Originally developed as a long-term family-owned asset, the Rowland was acquired utilizing Advanced’s 721 tax-deferred “exchange and contribution” structure. Through this process, the former ownership group contributed the property into the fund in exchange for partnership interests in Advanced Fund 24-3. Some of those partners in the seller’s partnership preferred a cash payout, which Advanced provided at closing.
“Many apartment owners want to preserve equity and defer taxes while still transitioning away from the inherent risks of ownership as well as the day-to-day management responsibilities,” said Richard Julian, CEO of Advanced Real Estate. “Our structure allows owners to contribute their property into a solid and diversified institutional-quality portfolio while maintaining investment participation for the long term. It’s a strategy we’ve successfully implemented across numerous acquisitions.”
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout