IRVINE, CA – Advanced Real Estate has bought the 126-unit Casa La Paz apartment community in Rowland Heights, California. The property has been rebranded as “The Rowland” and will undergo a comprehensive renovation program, including exterior improvements, upgraded interiors, and enhanced community amenities.
The acquisition marks the fifth property bought in the past eight months by their most recent Investment Fund, Advanced Fund 24-3. The other properties include two luxury apartment towers totaling 393 units in Hollywood as well as 138 units in West Covina and 104 units in Santa Ana. The Hollywood acquisition in late April was the largest apartment buy made by any firm so far this year in Southern California. Advanced’s portfolio now includes over 13,000 apartment units in Southern California with a market value of $5 billion.
Originally developed as a long-term, family-owned asset, The Rowland was bought utilizing Advanced’s unique 721 tax-deferred “exchange and contribution” structure. Through this process, the former ownership group contributed the property into the fund in exchange for partnership interests in Advanced Fund 24-3. Some of those partners in the seller’s partnership preferred a cash payout, which 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 strong regional demographics, proximity to major employment centers, and convenient access to retail, dining, and transportation corridors. Advanced plans to do a comprehensive value-add renovation strategy designed to modernize the community and enhance 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 making long-term value for both residents and investors.”
Property management will be handled in-house by Advanced Management Company (AMC), while renovations will be administered through Advanced’s affiliated construction company, R3 Construction Services.

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NEW YORK, NY – Clarion Partners, a leading real estate investment manager and partially owned subsidiary of Franklin Templeton, Vermilion Development, a full-service real estate investment and development company, and Quartz Lake Capital, a private equity real estate investor and manager, announced the opening of The Duncan, a 309-unit multifamily community located within a federally-designated Opportunity Zone at 1625 Lock Lane in Madison, Wisconsin.
Overlooking Lake Mendota and situated across from historic Tenney Park, The Duncan offers residents a distinctive lakeside living experience with proximity to downtown Madison. The community is designed to connect residents with outdoor recreation, neighborhood amenities and employment centers. The project reflects the partnership s focus on well-located housing in dynamic, high-demand housing markets.
The Duncan includes 309 apartment homes in a mix of studio, one-, two-, and three-bedroom residences, including townhome options. Homes feature open-concept layouts with elevated finishes, with many residences offering views of the Capitol Building, Tenney Park or Lake Mendota. Community amenities include a fitness center, club room, co-working space, sky lounge with outdoor terrace, heated vehicle and bike parking, an expansive outdoor amenity area with fire pits and grilling stations, a fenced dog run and community gardens.
The Duncan reflects our continued conviction in high-quality housing located in markets supported by strong fundamentals and enduring resident appeal, said Clarion Partners Managing Director Jason Glasser. With its idyllic waterfront setting and access to the broader Madison area, the community is well positioned to meet the needs of today s renters.
The opening of The Duncan adds new housing to one of Madison s most desirable waterfront corridors, where residents value recreation, connectivity and neighborhood character. With its blend of modern apartment living and proximity to the lake, riverfront, park space, and downtown, The Duncan offers a differentiated residential experience in a market defined by strong demand and limited supply.
The Duncan represents the kind of placemaking we strive for—thoughtfully designed housing that is connected to its surroundings and enhances the resident experience, said Dave Cocagne, President/CEO of Vermilion Development. It s setting near the water, the park, and downtown Madison makes a compelling lifestyle offering, and we re proud to bring this community to market.
The Duncan was designed by architect Potter Lawson and constructed by general contractor McShane Construction Company. CIBC is the lender on the project. Greystar is the property manager.

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CHARLOTTE, NC – Premiere East Coast developer Jefferson Apartment Group (JAG) has delivered J Optimist Park, a 350-unit luxury multifamily development in Charlotte, North Carolina. This distinctive 6-tale mid-rise is located in the well loved Optimist Park neighborhood, adjacent to the trendy Optimist Hall food hall and just outside the Uptown business district.
Located on 5 acres at 1130 N. College Street, J Optimist Park features red-brick and ironwork details that reflect the neighborhood’s origins as a mill village and railroad hub for the textile industry in the early 20th century.
“J Optimist Park checks all the boxes for successful multifamily. In addition to being in a strong market for job growth, it’s close to transit and has best-in-class amenities,” said Greg Van Wie, JAG Senior Vice President and Development Partner. “Every aspect was thoughtfully designed to reflect and respect the rich history of our Mill District location.”
J Optimist Park offers 1- and 2-bedroom units ranging from 523 to 1,197 square feet, some with private balconies and views of Uptown. All residences feature top-line finishes, including plank flooring, quartz countertops, stainless steel appliances, and tile backsplashes.
Outdoor amenities include a resort-style swimming pool, two courtyards, an outdoor yoga lawn, and a covered porch with a double-sided fireplace. Inside, residents delight in a stylish lounge area, a game room, a large, fully equipped fitness center, an open coworking space, a pet spa, and a bike storage room with a maintenance bench. In addition, garage and surface parking provide 467 resident parking spaces.
J Optimist Park is managed by JAG Management Company, which continues its growth in the Carolinas with nearly 1,500 units under management in the Research Triangle area. United Bank provided financing.

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