Real Estate Partners of Irvine, CA Purchases 576-unit Apartment Community

Real Estate Partners of Irvine, CA Purchases 576-unit Apartment Community
for More than $30 Million in Mesa, AZ

Irvine, CA — Real Estate Partners, Inc., a dynamic real estate investment and management services company specializing in the acquisition, repositioning, management and disposition of high-growth properties, announced today the purchase of a 576-unit apartment community in Mesa, AZ from the Archon Group of Irving, TX. With this recent acquisition, Real Estate Partners now owns and manages more than 5,000 apartment units.

Real Estate Partners purchased Aventerra Apartment Community for more than $30 million. The property is located in the prestigious community of Dobson Ranch and consists of 72 buildings situated on 30 + / – acres of green belt surrounded by a golf course and lakes.

Amenities include two large pool areas, a clubhouse, fitness center, leasing office, sport and tennis courts. Constructed in 1980, the apartment community contains one and two bedroom units ranging in size from 680 to 950 square feet.

According to Tom Thompson, president of Real Estate Partners, “The apartment community is located on a beautiful 18-hole golf course and offers tremendous upside potential, with lake and golf course views, spa-like amenities and large, park-like surroundings.”

Real Estate Partners plans to renovate and upgrade the apartment community and improve management to better serve the residents. A renovation budget of approximately $8.5 million is scheduled. “The intended renovation plans include upgraded landscaping to enhance the park-like setting and a new resort style pool. Building exteriors will be renovated to reflect a bungalow-style. Interior improvements will include new, upgraded kitchens with new appliances and countertop surfaces, new carpeting and hard surface flooring, new bathroom finishes and fixtures, and new window coverings,” noted Thompson. It is also slated to undergo a name change to The Fairways at Dobson Lake to more closely reflect its association with the adjacent golf course and the beautiful, park-like setting.

This acquisition follows on the heels of Real Estate Partners’ purchase of an 856-unit apartment community in Phoenix in September and two multifamily communities totaling 488 units in San Antonio, Texas in early December.

Real Estate Partners plans to spend in excess of $1 million in renovations for each of the two San Antonio properties and more than $7 million for the Phoenix apartment community property.

“We also launched Real Estate Partners Asset Management Services so that we can more expediently buy assets in areas where we don’t already have a significant management infrastructure in place, knowing we can quickly renovate and reposition those assets to meet the needs of the local marketplace. With more than $400 million in real estate assets and a time-proven team and business model in place, Real Estate Partners is certainly well positioned to continue its accelerated growth and acquisition program,” Thompson added.

Financing for the acquisition of Aventerra was provided through GMAC.

About Real Estate Partners

Real Estate Partners, Inc., based in Irvine, CA, is a privately held real estate investment services firm specializing in the acquisition, repositioning, management and disposition of high-growth properties, including multifamily, retail, office and industrial. Real Estate Partners offers unique opportunities to individual and group investors and 1031 exchanges requirements. The principals and officers of Real Estate Partners are creative, experienced commercial real estate investment and finance professionals who are dedicated to maximizing investor value through strategic acquisitions, key partnerships and a suite of management services. Currently, Real Estate Partners’ owns and manages $450 million in real estate assets, including more than 5,000 multifamily units and approximately 550,000 square feet of commercial property. The firm also holds a majority interest in Real Estate Partners Asset Management Services, Inc. and REP Commercial, Inc., a full-service brokerage firm. For more information, call 877-986-1700 toll-free or visit www.realestatepartnersinc.com.