IRVINE, CA – Advanced Real Estate has bought the Newhope Village apartments, adding to its more than 12,000-unit portfolio in Southern California. The gated, podium-style property features a host of amenities, including a pool, fitness center and tot-lot. Advanced retired a $9.5 million HUD loan and ultimately plans to place debt on the property, providing even more capital to its $100 million+ fund.
“Newhope Village fits perfectly with our surrounding properties. We now have over 1,750 units in the city of Santa Ana,” said Rick Julian, CEO of Advanced. “This makes even more efficiencies with management and renovations.”
Advanced plans for significant renovations and upgrades to the property, including the addition of in-unit washer and dryers, new cabinetry, flooring, fixtures, appliances, windows and a modern paint scheme. These upgrades will be completed by Advanced’s in-house construction company, R3 Construction, and in-house property management company, Advanced Management Company.
This is the second acquisition for Advanced’s newest Opportunity Fund (Advanced Fund 24-3). Last month, Advanced bought The Cove, a 138-unit property in West Covina, and the company plans to enact several more Southern California apartment acquisitions in the coming year.
“We were able to buy this property through a 721 contribution, which allowed a tax-deferred transaction for the family who owned it,” said Paul Julian, Rick’s son and President of Advanced. “They are now partners in our fund and diversified among the other assets.”
Advanced’s investment offerings are open to the company’s friends and family network, which has now grown to over 1,000 investors. “We are always open to welcoming new investors either through cash and retirement investments or through a contribution of their property, like in this case with Newhope Village,” said Rick Julian.

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NASHVILLE, TN – Sherman Residential bought 909 Flats, a Class A multifamily property in Nashville, TN. 909 Flats is a 232-unit luxury apartment community situated on the edge of Germantown, one of Nashville’s most sought-after neighborhoods.
The property is across the street from the year-round Nashville Farmer’s Market and in between the Tennessee State Museum and State Capitol building. Residents will also benefit from the urban Greenway expansion initiative that plans to add greenspace and recreation areas directly next to the property.
The intersection of the Germantown and Capitol Hill neighborhoods provides a rich landscape for the 909 resident. Top employers, like Amazon, Pinnacle, and UBS, are within walking distance. New retail and restaurants are booming half a mile away at Capitol View’s corporate campus. Plus, Nashville’s new Titans Stadium will only be a seven-minute drive.
Flat’s midrise property and its resident-focused amenities deliver: Studio to two bedroom apartments reaching nearly 1,400 square feet; Elevated clubroom with a breathtaking skyline view; Luxury options, such as quartz countertops and pendant lighting; Exclusive guest suite reservable only by 909 residents; Open spaces available for work, study, making, and recording; A controlled-access garage with parking and EV charging included; Conveniences like in-unit washers and dryers and a 24-hour fitness center.
Sherman Residential s Senior Vice President stated: We’re excited to return to Nashville. We sold out of the market near the peak in 2021 and 909 Flats is a fantastic opportunity for us to reenter. The asset is a fantastic addition to the Sherman Residential portfolio.
Sherman Residential has been in the real estate business for over 100 years and currently owns assets in six states. The family-owned company is headquartered in north suburban Chicago.

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NEW YORK, NY – Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, announced the acquisition of a portfolio of three purpose-built student housing assets with approximately 2,300 beds in partnership with Cardinal Group.
The portfolio s assets are located on average 0.1 miles from campus at leading four-year public universities across the Sunbelt with an average enrollment of approximately 40,000 students. The Class A properties feature a wide range of best-in-class amenities and were built on average in 2020.
This acquisition reflects our conviction in the resilience and long-term fundamentals of well-located student housing, and we are excited to add these assets to our portfolio, said Phill Solomond, Senior Managing Director and Head of Real Estate at Stonepeak. With growing enrollment trends and embedded demand for assets adjacent to campus, we look forward to delivering both high-quality living experiences for students and strong performance for our investors.
Stonepeak s real estate team invests thematically in real estate assets that demonstrate infrastructure characteristics. The team invests in high conviction sectors including supply chain, residential, healthcare, and technology real estate. With the benefit of the strength and insights of the broader Stonepeak platform, the team targets opportunities supported by strong macro tailwinds that have durable cash flow profiles, embedded demand drivers, high barriers to entry, inflation protection, and are mission critical to the businesses and communities they serve.
Simpson Thacher & Bartlett LLP served as legal counsel and Jones Lang LaSalle served as financial advisor to Stonepeak and Cardinal Group.

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