Advanced Real Estate Acquires Casa La Paz in Rowland Heights Rebrands as The Rowland and Launches Value Add Renovation Program

Advanced Real Estate has closed on the 126-unit Casa La Paz in Rowland Heights, California, rebranding the community as The Rowland and initiating a comprehensive value-add renovation program. Planned improvements include exterior upgrades, interior unit modernizations, and enhanced community amenities. Management and renovation execution will be handled internally by Advanced Management Company (AMC) and R3 Construction Services, respectively.

The acquisition is the fifth closed by Advanced Fund 24-3 in the past eight months, following two luxury towers totaling 393 units in Hollywood, 138 units in West Covina, and 104 units in Santa Ana. The late-April Hollywood purchase was reported as the largest apartment transaction by any firm in Southern California so far this year. Advanced’s Southern California portfolio now exceeds 13,000 apartment units with an estimated market value of $5 billion.

The Rowland was contributed into Advanced Fund 24-3 through Advanced’s 721 tax-deferred exchange and contribution structure. The former family ownership group exchanged the asset for partnership interests in the fund, with some partners electing a cash payout that 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 regional demographics, proximity to employment centers, and access to retail, dining, and transportation corridors. Advanced plans to reposition the asset through a targeted renovation strategy intended to modernize the community and improve 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."

For owners and operators, this transaction underscores operational approaches increasingly present in the multifamily sector: utilizing tax-efficient capital structures to facilitate ownership transitions, and leveraging integrated management and construction platforms to implement value-add programs that address market demand. Multifamily Leadership will continue to track how these strategies influence investor activity and asset performance across Southern California.