This marks the first purchase of Advanced's new Opportunity Fund, with plans to acquire more Southern California apartments in the coming year.

IRVINE, Calif., Nov. 3, 2025 /PRNewswire/ -- Advanced Real Estate has paid $41 million to purchase The Cove at West Covina, adding to its 12,000+ unit portfolio in Southern California.

"The Cove is well located, with large units averaging over 1,000 square feet. It's rare to find such an attractive unit mix for under $300,000 per unit," said Rick Julian, CEO of Advanced.

"West Covina has been a historically strong rental market with abundant retail and employment and very little new competing supply. The last significant new multifamily development was completed over 12 years ago," said Paul Julian, Rick's son and president of Advanced. "We see great value in this type of low-density product in the San Gabriel Valley."

Advanced plans to make significant renovations and upgrades to the property, including the addition of in-unit washers and dryers, new cabinetry, flooring, fixtures, appliances, windows and a modern paint scheme. These upgrades will be completed by R3 Construction (Advanced's in-house construction company) and Advanced Management Company (its in-house property management company).

The gated property features a host of amenities, including two pools with cabanas, a fitness center, firepits, garages and a large, open landscaped area.

This is the first purchase for Advanced's new Opportunity Fund (Advanced Fund 24-3). The company plans to make more Southern California apartment acquisitions in the coming year.

Advanced's investment offerings are open to its "friends and family" network, which has now grown to over 1,000 investors. "We have a unique tax-efficient structure, allowing investors to use their trapped retirement funds for the bulk of their investment and leverage a smaller personal contribution of cash," said Rick. "We are always open to welcoming new investors."

Advanced assumed a $21 million Freddie Mac Loan, with a fixed interest rate of 4.75% and full-term interest-only payments.

The sale was brokered by Shane Shafer, previously of Northmarq and now with Colliers.

Advanced was formed in 1981 and currently owns and operates approximately 12,000 apartment units throughout Southern California, with a market value of over $4 billion. Advanced funds its investments with private equity. All property management and renovations are carefully administered through its in-house management and construction arms, Advanced Management Company and R3 Construction Services. This vertically integrated approach allows Advanced to most efficiently execute its business plan of acquiring value-add properties, renovating them to the highest standards and then effectively managing them for the long term. To learn more about investing in or selling to Advanced, please visit www.advancedrealestate.com.

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SOURCE Advanced Real Estate