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MONTCLAIR, CA-Kennedy Wilson of Beverly Hills has paid $29.2 million for a 165-unit apartment project here called Cambridge Park, and Lake Forest, CA-based Advanced Real Estate Services has acquired an 88-unit complex in Garden Grove for $12 million in two recently closed multifamily deals in Orange County and the Inland Empire. In the Montclair deal, Hendricks and Partners reports that the Inland Empire property, at 9200 Monte Vista Ave. was sold for $29.25 million–the highest price per unit achieved for the sale of an apartment complex larger than 100 units in the Inland Empire during 2008.

Built in 1974 and initially renovated in 2003, the New Orleans Townhouse style complex comprises 22 two-story dwelling structures on 8.24 acres. The unit mix at Cambridge Park consists of 47% two-bedroom units and 53% three-bedroom units,with four floor plans that average 1,096 sf. All 165 units include washer/dryers, and 62% offering direct-access, two-car garages.

Kennedy Wilson bought the Cambridge Park property from Montclair 8-B, LLC C/O Acacia Capital Corp. of San Mateo, CA, with Joe Leon of the Newport Beach office ofHendricks & Partners and Paul Runkle of Hendricks & Partners’ Inland Empire office representing the seller. The Hendricks & Partners brokers note that the Cambridge Park location benefits from approximately 640 feet of frontage on RanchoMonte Vista Avenue, where approximately 23,479 cars per day pass by on the major north-south thoroughfare through the heart of Montclair. The property is within walking distance of the Montclair Plaza regional mall.

In the Garden Grove deal, Advanced Real Estate Services Inc. reports that it bought the 88-unit Westminster Arms Apartments at 13888 Euclid St. with plans for extensive renovations. The project consists of 56 two-bedroom units, 16 three-bedroom units and 16 one-bedroom units.

Rick Julian, president of Advanced Real Estate, comments that the location and condition of the property make it an ideal candidate for the complete renovations that Advanced plans for the complex. Julian calls it “a terrific repositioning opportunity for us” that “fits perfectly in our portfolio.” The renovation planned will be completed by Advanced’s construction division, R³ Construction Services.<pFinancing for the deal was arranged by Michael T. Elmore, senior vice president and senior direcctor of NorthMarq Capital Inc.'s Newport Beach office. The sellers were represented by Doug Rodermund and Grant Hahn from Moran-Skenderian Investment Real Estate Group in Newport Beach.

Advanced Real Estate Services, Inc. is a privately held real estate firm specializing in multifamily investments, development and property management and renovations. The Lake Forest-based firm owns approximately 5,500 rental units and 200 acres of developable land, ranking it among the 10 largest apartment owners based in Orange County.

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