714-Unit Apartment Complex in Costa Mesa Sold for $234 Million, One of Largest Multifamily Deals in Region in 2023

In a major real estate deal, a 714-unit apartment complex in Costa Mesa, Calif., has been sold to Irvine-based Advanced Real Estate for a whopping $234 million. The complex, previously known as Camden Martinique Apartments, will now be rebranded as The Grand Costa Mesa after undergoing $45 million in renovations.

According to reports by The Real Deal, the sale of the property at 2855 Pinecreek Drive was finalized late last week. JLL represented Camden Property Trust in the transaction and also helped Advanced secure a 10-year, $150.8 million Freddie Mac loan at a fixed interest rate of 5.95 percent.

Advanced President Paul Julian expressed his excitement about the acquisition, stating, “It is rare to find an opportunity to buy such a large asset in coastal Orange County. We want to continue to grow the portfolio.” He also mentioned that the renovations on the property are expected to be completed within four years.

The apartment complex features one- and two-bedroom units with rents ranging from $2,000 to $2,800 per month and is currently 95 percent leased. This sale marks one of the largest multifamily deals in the region in 2023, with apartment complex sales of this size being rare in Southern California.

This is not the first major purchase by Advanced Real Estate in the region this year. The company also acquired The Edison in Long Beach for $58 million and Surf House Apartments in Huntington Beach for $96 million earlier in 2023.

With the real estate market in Southern California heating up, this latest acquisition by Advanced Real Estate is sure to make waves in the industry. Stay tuned for more updates on this developing story.