Rick Julian Of Advanced Real Estate Acquires Canvas LA Multifamily In Los Angeles For $62M

The transaction involved the sale of a multifamily property located at 138 Beaudry Avenue in Los Angeles. The asset, known as the Canvas LA building, consists of 210 units and was sold for $62 million, resulting in a price per unit of approximately $295,238. This sale marks a notable decline from the previous acquisition price of $88.3 million paid by Magnolia Capital in 2018.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $62,000,000
• Units: 210
• Price Per Unit: $295,238
• Buyer: Rick Julian - Advanced Real Estate
• Seller: Magnolia Capital
• Brokers: Alexandra Caniglia (AlexandraCaniglia), Blake Rogers, Chelsea Jervis, Kevin Sheehan, Kip Malo, CJ Angle & Ryan Fitzpatrick - JLL
• Lender: Freddie Mac
• Mortgage Brokers: Charlie Vorsheck, Greg Brown & Kevin MacKenzie - JLL

Advanced Real Estate secured a Freddie Mac loan of nearly $40 million through JLL Capital Markets for this transaction. Future plans for the property include light renovations as the new owner continues to expand its multifamily portfolio within Southern California.