Advanced Real Estate Acquires and Plans Renovation for 126-Unit Community in Rowland Heights
Advanced Real Estate Acquires 126-Unit Rowland Heights Community
BenzingaImage: Benzinga
Advanced Real Estate has acquired the 126-unit Casa La Paz apartment community in Rowland Heights, California, rebranding it as 'The Rowland.' The property will undergo extensive renovations, enhancing its appeal and amenities, as part of Advanced's strategic investment approach.
- 01The acquisition of Casa La Paz marks Advanced Real Estate's fifth property purchase in eight months, totaling over 13,000 units in Southern California.
- 02The property will be renovated to modernize its facilities and improve the resident experience, emphasizing its desirable location in Rowland Heights.
- 03Advanced Real Estate's innovative 721 tax-deferred exchange structure allows property owners to transition away from management responsibilities while retaining investment participation.
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Advanced Real Estate has successfully acquired the 126-unit Casa La Paz apartment community, now known as 'The Rowland,' located in Rowland Heights, California. This acquisition is part of Advanced Fund 24-3, which has seen five property purchases in the last eight months, including luxury towers in Hollywood and other units in West Covina and Santa Ana. The company plans to implement a comprehensive renovation strategy to modernize the property, enhancing both its exterior and community amenities. Richard Julian, CEO of Advanced Real Estate, highlighted the benefits of their 721 tax-deferred exchange structure, which allows former owners to defer taxes while still participating in the investment. The Rowland's location in the San Gabriel Valley provides strong demographic advantages and access to employment centers, making it a valuable asset for long-term investment. Advanced Management Company will oversee property management, while renovations will be conducted by R3 Construction Services, ensuring a quality upgrade to the community.
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The renovation of The Rowland is expected to enhance the living experience for residents and increase property values in the surrounding area.
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