Advanced Real Estate Buys Inland Empire Apartment Complex for $56M

Advanced Real Estate has expanded its multifamily portfolio after acquiring a 253-unit apartment community in Southern California’s Inland Empire for $56.2 million.

The Orange County-based investment firm acquired Casitas Apartment Homes at 1900 South Campus Avenue in Ontario, Calif., for approximately $222,000 per unit, according to the Mogharebi Group, which arranged the sale. The advisory firm did not disclose the name of the private Los Angeles-based seller, but property records show Benedict Canyon Equities owned the property.

Built in 1963, Casitas spans nearly 15 acres and features single-story buildings with one-bedroom apartments averaging 550 square feet and two-bedroom apartments averaging 775 square feet. The property is about four miles from Ontario International Airport.

Advanced Real Estate assumed the property’s existing loan, which carries an interest rate of 3.11 percent. The loan balance and lender were not disclosed.

“We were able to trade into this property with the equity from 13 smaller assets that were brought into (Advanced’s X Fund, via 721 contributions) in 2023,” Paul Julian, president of Advanced Real Estate, said in a statement. “Those contributing partners now have interest in this institutional-size asset which will yield much higher returns than their contributed smaller properties.”

Otto Ozen and Jordan Pakzad of the Mogharebi Group represented the seller.

Gregory Cornfield can be reached at gcornfield@commercialobserver.com.