Axis 2300’s Rare Large Units Entice Advanced Real Estate
Axis 2300 is a 115-unit multifamily property located at 2300 Dupont Dr. in Irvine that was constructed to condo-level specifications in 2010. The class-A property was recently acquired by Advanced Real Estate for $57.5 million.
“We are excited about this unique asset that contains condo-quality apartment units averaging approximately 1,500 square feet. It is rare to find a property in such an ideal location with such large units,” said Richard Julian, CEO of Advanced Real Estate. “The access to the job-rich Irvine Business Complex, John Wayne Airport, the 405 freeway and nearby Newport Beach as well as the quality podium construction made this property extremely appealing. We plan a light renovation and a long-term hold of this difficult-to-replace asset.”
Michael Elmore, Alex Kane, Joe Giordani and Brendan Golding of NorthMarq’s Newport Beach office secured $29 million in acquisition financing for Advanced Real Estate. The recent transaction was sized to 50 percent of the purchase price of $57.5 million.
“Our Fannie Mae team was able to overcome numerous obstacles including four TIC ownership structure, a city regulatory agreement and an interest rate cap in an accelerated timeline to satisfy the required quick closing,” said Kane.
Axis 2300’s community amenities include EV charging stations and dry-cleaning services.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.