Advanced Real Estate Acquires Multifamily Asset In Huntington Beach For $25M

The Beachpoint Circle property in Huntington Beach has been sold for $25 million. The multifamily asset consists of 68 units with large two-bedroom/two-bathroom layouts. The property also features a multi-tenant office building, a clubhouse, tennis court, and a large pool. Advanced Real Estate, represented by Paul Julian & Rick Julian - Advanced Real Estate, acquired the property as part of their X Fund, a new alternative to the 1031 tax deferred exchange.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $25,000,000
• Address: 7886-7912 Beachpoint Circle
• Market: Huntington Beach
• Units: 68
• Price Per Unit: $367,647

Gary Tolfa of Triqor Group facilitated the transaction as the broker for the deal. Farmers & Merchants Bank provided the financing for the acquisition. Advanced Real Estate has outlined plans for modern upgrades and improvements to the property following the purchase, aiming to enhance the current upscale amenities and further develop the multifamily asset.