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dvanced Real Estate, an Irvine‑based multifamily investor, bought The Cove at West Covina—a 138‑unit complex in California—for $41 million. The deal expands a Southern California portfolio that now exceeds 12,000 units, reinforcing the firm’s focus on well‑situated suburban assets with strong value‑add potential and solid fundamentals.

    “The Cove’s location and large units—averaging over 1,000 sq ft—make it a rare find below $300,000 per unit,” said CEO Rick Julian. “West Covina remains a robust rental market with ample retail, jobs, and little new supply; the last major multifamily project was completed more than a decade ago,” added Paul Julian, president.

    Advanced will carry out extensive upgrades—adding in‑unit washers/dryers, new cabinetry, flooring, fixtures, appliances, windows, and a fresh paint scheme—through its in‑house construction arm, R3 Construction, and its management company.

    The gated community features two resort‑style pools with cabanas, a state‑of‑the‑art fitness center, outdoor firepits, and a landscaped central courtyard that serves as a communal green space.

    This acquisition marks the first investment of Advanced Fund 24‑3, the firm’s new Opportunity Fund. More Southern California apartment purchases are planned for the coming year.

    The fund is available to Advanced’s “friends and family” network, now over 1,000 investors. “Our tax‑efficient structure lets investors deploy trapped retirement funds for most of the investment while contributing a smaller cash amount,” Rick explained. “We welcome new investors.”