Advanced Snags Orange Apartment Complex for $41.5M

Irvine, CA-based Advanced Real Estate has purchased Foxborough Apartments, a 90-unit multifamily property in Orange, CA. The seller in the transaction was Colorado-based UDF Woodland Group LLC. According to the Orange County Register, Advanced has rebranded the complex “Grove House” to honor the orange groves that used to populate the site.

Located at 501 E. Katella Ave., Grove House units feature washers and dryers and woodburning fireplaces with community amenities that include two swimming pools, a fitness center, BBQ area and a parking garage.

Advanced said it will add central air conditioning, new windows, cabinetry, flooring and appliances to the residences, as well as upgrade the landscaping and pool areas. The firm’s CEO called the acquisition a strategic purchase, as Advanced owns a similar complex located about a block away, and the company will be able to enjoy operational efficiencies between the two properties.