Steve Heri of the CBRE Private Client Group team that brokered the deal explains that the low-density project sits on 14 acres, approximately three of which are undeveloped, and has entitlements for 22 additional units. Heri, along with Cara Weichman of the CBRE Anaheim office and Mike McKinney, of the company's South Bay office, represented both parties in this off-market transaction.

Yorba Linda Pines is a low-density development at 18700 Yorba Linda Blvd. that was built in 1970 and underwent a $3 million renovation in 1996. Heri calls it, "an outstanding development opportunity for the correct buyer." He notes that the property as it currently stands was already running quite efficiently and offers upside in rents achievable through property enhancements. In keeping with the style and unit-mix of the current buildings, Advanced Real Estate plans to build 22 townhouse-style units offering three bedrooms and two-car attached garages each, Heri says. He points out that fewer multi-housing opportunities exist in Yorba Linda than most other Orange County cities.

The Yorba Linda Pines complex consists of 80 two-bedroom units, (approximately 1,140 sf each) and 40 three-bedroom units (approximately 1,450 sf each), all of them townhouse-styled.

The purchase is one of a number of buys in recent months by Advanced Real Estate. Recently, Advanced also purchased the Porto Bella Apartments, a 104-unit property in Norwalk. According to Julian of Advanced, the company has a large pool of funds earmarked for further investments as a result of a recent, $80 million refinancing. He says Advanced plans to leverage the fund in an aggressive acquisition campaign over the next year.