Advanced Real Estate has acquired a 714-unit multifamily property located at 2855 Pinecreek Drive in Costa Mesa for a total sale price of $234,000,000. The transaction is significant as it surpasses the total multifamily deals in Orange County for the period of January to August 2023. The property is poised for a $45 million renovation, and once completed, it will be rebranded as The Grand Costa Mesa. This acquisition adds to Advanced Real Estate's growing portfolio, which now comprises 12,000 units in Southern California.

Summary of transation details

• Property Type: Multifamily
• Sale Price: $234,000,000
• Units: 714
• Price Per Unit: $327,731
• Address: 2855 Pinecreek Drive, Costa Mesa
• Market: Costa Mesa

The buyer, Paul Julian from Advanced Real Estate, was represented by broker Blake Rogers from JLL. The seller, Ric Campo, is associated with Camden Property Trust. Additionally, JLL's Greg Brown and Kevin MacKenzie acted as the mortgage brokers for this transaction.