IRVINE, Calif., June 3, 2026 /PRNewswire/ -- Advanced Real Estate has acquired the 126-unit Casa La Paz apartment community in Rowland Heights, California. The property has been rebranded as "The Rowland" and will undergo a comprehensive renovation program, including exterior improvements, upgraded interiors, and enhanced community amenities.
The acquisition marks the fifth property acquired in the past eight months by their most recent Investment Fund, Advanced Fund 24-3. The other properties include two luxury apartment towers totaling 393 units in Hollywood as well as 138 units in West Covina and 104 units in Santa Ana. The Hollywood acquisition in late April was the largest apartment purchase made by any firm so far this year in Southern California. Advanced's portfolio now includes over 13,000 apartment units in Southern California with a market value of $5 billion.
Originally developed as a long-term, family-owned asset, The Rowland was acquired utilizing Advanced's unique 721 tax-deferred "exchange and contribution" structure. Through this process, the former ownership group contributed the property into the fund in exchange for partnership interests in Advanced Fund 24-3. Some of those partners in the seller's partnership preferred a cash payout, which Advanced provided at closing.
"Many apartment owners want to preserve equity and defer taxes while still transitioning away from the inherent risks of ownership as well as the day-to-day management responsibilities," said Richard Julian, CEO of Advanced Real Estate. "Our structure allows owners to contribute their property into a solid and diversified institutional-quality portfolio while maintaining investment participation for the long term. It's a strategy we've successfully implemented across numerous acquisitions."
Located in the San Gabriel Valley, The Rowland benefits from strong regional demographics, proximity to major employment centers, and convenient access to retail, dining, and transportation corridors. Advanced plans to execute a comprehensive value-add renovation strategy designed to modernize the community and enhance the resident experience.
"Rowland Heights represents a highly desirable suburban Southern California rental market because of its central location and strong long-term fundamentals," said Paul Julian, President of Advanced Real Estate and Richard's son. "We see substantial upside by repositioning this property through thoughtful renovations and professional management while creating long-term value for both residents and investors."
Property management will be handled in-house by Advanced Management Company (AMC), while renovations will be administered through Advanced's affiliated construction company, R3 Construction Services.
Advanced has increasingly utilized its 721 exchange and contribution platform as an alternative exit strategy for multifamily owners seeking tax efficiency, estate planning flexibility, and continued real estate ownership participation without active operational responsibilities.
To learn more about investing in, or selling to, Advanced Real Estate, please visit www.advancedrealestate.com.
SOURCE Advanced Real Estate
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