Afton Pays $95M for SoCal Apartment Complex
Deal is equal to about $448,110 per unit
By Nick Trombola September 10, 2024 2:26 pm
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A multifamily property has traded hands in Southern California for almost nine figures.
An affiliate of Los Angeles-based Afton Properties put down $95 million for The Landing at Arroyo, a 212-unit apartment complex in Ventura County’s Simi Valley., USA Properties Fund sold the asset. The deal equates to about $448,110 per apartment unit.
Marcus & Millichap (MMI)’s Institutional Property Advisors (IPA) announced and brokered the deal for the property at 1692 Sycamore Drive, with the IPA’s Kevin Green, Joseph Grabiec and Gregory Harris representing USA Properties Fund and procuring the buyer.
“This quintessential, low-density suburban core multifamily asset is poised for substantial growth in a severely underserved market with a flat development pipeline,” Green, IPA’s executive managing director of investments, said in a statement. “In the last 25 years, just four other multifamily properties of 50 units or more have been delivered in Simi Valley, and only one market-rate property totaling 280 units is expected to be delivered in the city over the next five years.”
A partnership involving USA Properties Fund, Gables Residential, Century Housing and East West Bank developed the complex, which opened in 2022. The property is in Ventura County, to the northwest of L.A.’s San Fernando Valley.
The deal adds to Afton Properties’ multifamily portfolio in Southern California. The firm paid $113.5 million last fall for a 318-unit community in Santa Barbara County, and about a year ago paid $71.3 million for a 248-unit complex in the Inland Empire.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
