Advanced Real Estate Acquires 126-Unit Rowland Heights Community

Advanced Real Estate has completed the acquisition of the 126-unit Casa La Paz apartment community located in Rowland Heights, California, for an undisclosed amount. This transaction, finalized on June 3, 2026, marks the fifth property acquisition by Advanced Fund 24-3 in the past eight months. The property will be rebranded as "The Rowland" and is set to undergo a comprehensive renovation aimed at enhancing both the exterior and interior, as well as upgrading community amenities.

Casa La Paz, originally developed as a long-term family-owned asset, has been strategically positioned within the San Gabriel Valley, an area characterized by strong regional demographics and proximity to major employment centers. The acquisition was facilitated through Advanced's unique 721 tax-deferred "exchange and contribution" structure, allowing the former ownership group to contribute the property into the fund in exchange for partnership interests. This structure not only provides tax efficiency but also offers former owners the opportunity to maintain investment participation in a diversified portfolio without the burdens of active property management.

With this acquisition, Advanced Real Estate's portfolio has expanded to over 13,000 apartment units across Southern California, representing a market value of approximately $5 billion. The company has been actively pursuing growth in the multifamily sector, having previously acquired two luxury apartment towers in Hollywood, as well as additional properties in West Covina and Santa Ana. The recent Hollywood acquisition was notable for being the largest apartment purchase in the region for the year, underscoring Advanced's aggressive expansion strategy.

The strategic rationale behind the acquisition of The Rowland lies in the potential for value creation through modernization and professional management. The company plans to implement a comprehensive renovation strategy that will not only enhance the property’s appeal but also improve the overall resident experience. The management of the property will be handled in-house by Advanced Management Company, while renovations will be executed by R3 Construction Services, an affiliated construction firm.

This acquisition reflects broader trends in the real estate sector, particularly in suburban markets like Rowland Heights, which are experiencing increased demand due to their central locations and robust long-term fundamentals. As more multifamily owners seek to transition away from active management while preserving equity and deferring taxes, Advanced Real Estate's 721 exchange strategy positions the firm as a key player in the market. The ongoing renovations and management enhancements at The Rowland are expected to create long-term value for both residents and investors, further solidifying Advanced's footprint in the Southern California real estate landscape.