ANAHEIM, CA-Advanced Real Estate Services Inc. of Lake Foresthas acquired a 149-unit apartment complex called the Pacific Palmsfor $21 million from an LLC controlled by UDR, a Denver-basedapartment REIT. The property is a two-story project of 126two-bedroom units, 20 one-bedroom units and three three-bedroomunits. The units average approximately 1,050 square feet and areeither townhomes or single-story units on over eight acres. Theproperty was over 95% occupied at closing.

ARES intends on renovating and repositioning the property "tocapitalize on the upside in rents the market," the company says.Rick Julian, president of ARES, notes that the company alreadyoperates more than 1,000 units in Anaheim and has acquired 700units in Southern California in the last 12 months. ARES, which hasa track record spanning nearly 30 years, is actively acquiringapartment properties in Southern California with a large base ofprivately placed equity.

The sale was brokered by Joe Leon of the Newport Beach office ofHendricks & Partners and Dean Zander of Hendricks &Partners in Los Angeles, who represented the seller. Mike Elmore ofNorthMarq Capital arranged a 10-year fixed-rate financing at 4.48%through Freddie Mac.