ARES Adds 193 Units to Anaheim Holdings

Irvine, CA – Advanced Real Estate Services, Inc. (ARES) has purchased a 193-unit apartment building near Anaheim Hills, adding to their already strong presence in the city. With this purchase, ARES counts 1,260 units in Anaheim in 9 properties consisting of nearly 15% of their portfolio.
ARES Plans to renovate and re-brand the property. The new name is “The Jackson Apartments.” Renovation plans involve upgrades to the leasing office and common areas including new pool cabanas, BBQs, dog park, signage & landscape. Interior renovations include the addition of washer and dryers in many of the units as well as upgraded flooring, fixtures, and the addition of quartz countertops.
Sean Deasy and Ryan Fitzpatrick from the Newport Beach office of HFF advised the seller in the transaction. The purchase price was approximately $54 million and ARES procured a new, approximately $35 million loan through Kevin MacKenzie and Lee Redmond, also from HFF.
According to Richard Julian, President of ARES, “this property was attractive to us based on the location, directly across the 91 freeway from a healthy employment base. Also, there has been virtually no new apartment construction in this section of Anaheim. Our renovations and rebranding should allow us to stand out in this submarket.”
Julian added, “the equity funds used for the purchase were the result of a refinancing of two of ARES's existing assets. We didn't need to raise new funds for this transaction. We are hoping to find more acquisition opportunities as this transaction required only a small percentage of our available funds. We also continue to generate additional funds from our regular refinances and new investor contributions.”
Advanced Real Estate Services, Inc. (ARES) was formed in 1982 and currently owns and operates over 8,000 units throughout Southern California with a market value in excess of $2 billion. ARES funds their investments with private equity and handles all property management and renovation in-house. This vertically integrated approach allows ARES to most efficiently execute their business plan of acquiring value-add properties in Southern California, renovating them to the highest standards, and then effectively managing them for the long-term. To learn more about ARES please visit