Afton Properties Buys Inland Empire Apartment Complex for $71M
By Greg Cornfield August 25, 2023 3:45 pm
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Los Angeles-based real estate investment and management firm Afton Properties has added to its multifamily portfolio in Southern California by acquiring the Hills Of Corona complex in the Inland Empire.
Afton paid $71.3 million for the 248-unit apartment complex, or $287,500 per unit, according to data provided by Vizzda. Arbor Realty Trust (ABR) provided $46.5 million in Fannie Mae debt for the acquisition.
Hills of Corona includes eight two-story buildings totaling 133,265 square feet. It was completed in 1990 on nearly 10 acres at 2365 Millcreek Place.
Afton Properties, founded in 2016, owns 10 multifamily complexes, all but one in Southern California, according to its website.
The Inland Empire’s multifamily sector has apparently benefited from more people seeking more affordable rental options than those found along the coast, according to a CBRE report released this summer. The average rent for the regions of Riverside and San Bernardino counties is $2,216 per unit and occupancy is slightly above 95 percent.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
