Irvine-based Advanced Real Estate Acquires Canvas L.A. in Downtown Los Angeles
Irvine-based Advanced Real Estate acquired Canvas L.A., a 210-unit apartment building in downtown Los Angeles, for $62 million from Chicago-based Magnolia Capital.
“It’s rare to find such a well-built, podium property like this, for under $300,000 a unit,” said Rick Julian, chief executive of Advanced, in a statement. “We haven’t seen that kind of pricing in over a decade.”
The location is a short walk to the cultural attractions on Bunker Hill such as the Broad Museum, Walt Disney Concert Hall, Dorothy Chandler Pavilion and the Ahmanson Theatre.
The building features a resort-style pool with cabanas, a large gym, game room, screening room and a sky deck with a fire pit. Prior ownership had invested $3 million into upgrades since 2018.
Advanced was an active buyer over the past year. In 2023, it acquired the 156-unit Edison Long Beach, the 264-unit Surf House Apartments in Huntington Beach and the 714-unit Grand Costa Mesa. It owns more than 12,000 units in Southern California.
The sale was brokered by Blake Rogers, Kevin Sheehan, Ryan Fitzpatrick, Chelsea Jervis, CJ Angle, Alexandra Caniglia and Kip Malo of JLL Capital Markets.
