Advanced Acquires Chino Hills MF for $130M

Irvine-based Advanced Real Estate Services, Inc. acquired The Crossings, a 346-unit, newly-built apartment community in Chino Hills for $130 million. The property was constructed by Bridge Investment Group in 2018 and 2019, and sits on more than 32 acres at 15101 Fairfield Ranch Rd.

Advanced's Richard Julian says, “We purchased this property with 1031 exchange funds from a recent sale of a large mobile home park in Huntington Beach. Our investor partners were attracted to the quality of the building construction, low density site, and tremendous job growth in the area.”

The property includes a large resort-style pool area, clubhouse, a two-floor-height gym, turf soccer field, dog park, EV charging stations, package lockers, business center and playground.

Berkadia's Margie Malloy represented the buyer in the off-market acquisition. NorthMarq's Mike Elmore, Joe Giordani, and Brendan Golding arranged the Fannie Mae Green $76.8 million loan, with ten years interest-only payments at a 2.44% fixed rate.