Sale Nearing $77M Pushes Advanced to 5,000 Units

LAKEWOOD, CA-Advanced Real Estate Services, Inc. has acquired the 565-unit Lakewood Manor apartment complex from Kennedy Wilson for $76.6 million, pushing the buyer's portfolio of apartments to 5,000 units. The property, as 4907 Hayter Ave., is one of the largest apartment complexes in Los Angeles County.Richard Julian, president of Lake Forest-based Advanced, represented the buyer as principal, with Ron Harris of Marcus & Millichap representing the seller. Julian says that the company plans to continue building its portfolio, planning to own 10,000 units within the next five years.The Advanced Real Estate president notes that Kennedy Wilson renovated the Lakewood Manor property extensively during the past two years, but Advanced plans to upgrade it even more with an $11 million renovation budget. Kennedy Wilson wanted to close quickly on the deal, Julian says, so Advanced released $2 million immediately and then secured a $68 million loan from Downey Savings.Advanced has acquired more than $100 million in multifamily properties in the past six months and has refinanced nearly $200 million on its existing properties, Julian notes. In addition to the refinance proceeds, Advance has raised an additional $25 million of private equity for acquisitions.Harris, who was also the broker when Kennedy Wilson bought the property, told GlobeSt.com at the time that Lakewood Manor was one of many multifamily projects created by Ben Weingart, a 1950s and 1960s developer who was one of the most active builders of his era in Southern California. Weingart was one of the founders and primary builders of the community of Lakewood and established the Los Angeles-based Weingart Foundation, which remains active today.The complex consists of more than 60 separate two-story garden style buildings on a 12.5-acre site near the Lakewood Mall. It was built in five separate phases from 1957 through 1963.