Advanced Real Estate Adds Another Huntington Beach Multifamily Asset

Advanced Real Estate has added another multifamily asset to its Orange County portfolio. Known as Beachpoint, the property consists of a 68-unit apartment building and a 12,000-square-foot multi-tenant office building in Huntington Beach. It’s near the beaches and another recent Advanced purchase, the 264-unit Surf House. Terms of the deal were not disclosed.

The off-market transaction was brokered by Gary Tolfa from the Triqor Newport Beach office, with the loan provided by Farmers & Merchants Bank. According to Advanced, the property was well-maintained by the prior owner, but will receive upgrades including new paint, signage, an amenities overhaul and drive-entry enhancements.

Beachpoint was contributed by the current owner to Advanced’s latest X Fund, which will close its acquisition period on Dec. 31, 2024. Investors contribute their properties, tax-free, into the X Fund in exchange for limited partnership shares.

“After purchasing over 12,000 units during the past 40 years, we have learned how much more profitable and efficient larger properties are than smaller properties,” said Paul Julian, president of Advanced.. “Further, the larger the property, the less competition when purchasing. This allows our investment groups to start with a lower basis.”