ARES Buys 235 Units in Long Beach
The investor is also planning to execute a significant capital improvement plan on the apartment property.
Advanced Real Estate Services has acquired a 235-unit apartment property in Long Beach. The investor plans to rebrand the property as The Circle Apartments at Long Beach, and will invest an additional $6 million on capital improvements for the property.
Kevin MacKenzie and Greg Brown from JLL’s Newport Beach office arranged a $46.8 million, 3.41%, 10-year, interest-only, Freddie Mac loan on behalf of ARES for this property.
Located in the Traffic Circle, the property has 3 pools, a fitness center and lounge. Interior unit upgrades will include new flooring, paint, fixtures, and smart locks.