Afton Properties Pays $114M for SoCal Multifamily Property
MBK acquired the 14.5 acres in 2018, and developed Azure in 2020 with 318 units.
By Greg Cornfield December 6, 2023 10:20 am
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MBK Rental Living has closed a big apartment complex sale in a time of scarce multifamily transactions in Southern California.
The Irvine-based company announced Tuesday that it sold Azure, a 318-unit community in Santa Maria, the largest city in Santa Barbara County. MBK did not disclose the sales price nor the name of the buyer, but property records show the property sold for $113.5 million to an entity tied to Reuven Gradon of Afton Properties.
MBK acquired the 14.5 acres at 703 East Meehan Street for $10 million in December 2018, and developed and opened Azure in September 2020 with 318 studio, one-, two- and three-bedroom units that range in size from 406 square feet to 1,211 square feet.
“With the Santa Maria rental inventory shrinking as previously rented properties are sold to new homebuyers, high-quality apartments like Azure are in high demand,” Ken McCarren, president of MBK Rental Living, said in a statement.
Amenities at Azure include a clubhouse with a kitchen, two swimming pools, two spas, a 24-hour fitness center, a futsal court, Tesla charging stations, two playgrounds, a dog park and pet spa, and a business center.
Kevin Green, Joseph Grabiec and Greg Harris of Institutional Property Advisors, a division of Marcus & Millichap (MMI), brokered the sale on behalf of MBK.
“Within a rapidly changing capital markets environment, our ability to source a noncontingent buyer de-risked the transaction significantly, and the resulting outcome was mutually beneficial to all parties,” Green said.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
