COSTA MESA, CA—Advanced Real Estate Services, a client of Northmarq Capital, has gained $20 million in loans for the $32.5 million purchase of two apartment buildings here.
El Segundo, Calif.-based Venture West Funding Inc. arranged the loans through CapitalSource for the purchase. The apartment complexes, totaling 158 units, are located at 2000 Parsons Street and 126 18th Street. The complexes are located in a garden-style community a mile from the beach and close to premier shopping and fine dining.
The buyer, ARES, plans a complete re-branding of the assets. “Our plan is to upgrade the properties to attract the young professionals who work in the area,” said Paul Julian, director at ARES, in a statement. “We plan to capitalize on the properties’ mid-century architecture to create an environment that feels like a boutique hotel. There is a high demand for apartments with unique design that are well-located,” The company will complete the renovations with its in-house construction company called R 3 Construction.
Tyler Bradford with Venture West and his team worked closely with Mike Elmore of Northmarq to arrange the financing.
Based in Orange County, ARES owns and manages more than 6,000 multifamily units in Southern California primarily in Orange and Los Angeles Counties. The company is also developing residential and mixed use projects in San Juan Capistrano, Corona del Mar and Trabuco Canyon.