Multifamily investor Afton Properties adds nearly 1K units to portfolio

The firm paid $132M for an 800-unit affordable housing complex in Lancaster

Los Angeles /
Sep.September 19, 2019 05:00 PM
From left: Canyon Crest Views Apartments and Sunset Ridge Apartments
From left: Canyon Crest Views Apartments and Sunset Ridge Apartments

Multifamily investor Afton Properties is in a buying mood.

The Los Angeles-based firm just closed on a $132 million acquisition for an 800-unit development in Lancaster, The Real Deal has learned. That comes less than a month after it paid $54 million for a 178-unit housing community in the Inland Empire.

The two purchases add up to $186 million and 978 units. Reuven Gradon, principal at Afton, confirmed both deals.

In Lancaster, the Sunset Ridge Apartments is a low-income development that was built in 1986. Property records reveal the complex had been owned and operated by Provident Housing Resources since the early 2000s. Steve Hicks, CEO of Louisiana-based parent company Provident Resources Group — a nonprofit housing developer — said the firm sold Provident Housing two years ago.

Afton also picked up Canyon Crest Views at 5253 El Cerrito Drive in Riverside. The firm paid $53.5 million for the townhome community. The seller, Klingbeil Capital Management, had owned the complex since 1996. Kleingbeil did not return requests for comment.

Berkadia brokered both deals.

Multifamily operator Afton owns several apartment complexes in Los Angeles, with a concentration in the Eastside. Late last year, it also picked up two complexes from Blackstone Group, located in Riverside and San Bernardino counties.


Related Articles

arrow_forward_ios
Neil Shekhter (Shekhter by Kevin Scanlon; iStock)
Santa Monica mega-portfolio officially hits market
Santa Monica mega-portfolio officially hits market
Rendering of 1411 South Flower Street (Housing Diversity Corporation)
Micro-housing to rise in DTLA Opportunity Zone
Micro-housing to rise in DTLA Opportunity Zone
NMS Properties' Neil Shekhter and renderings of 1325 6th Street, 1437 6th Street, 1430 Lincoln Blvd. and 1318 Lincoln Blvd. in Santa Monica (Kevin Scanlon, WSC)
City for sale: Shekhter looks to unload mega-portfolio in Santa Monica
City for sale: Shekhter looks to unload mega-portfolio in Santa Monica
300 S. Santa Fe Ave. (Google Maps)
LA’s top 5 multifamily investment sales of 2020 fell 50%
LA’s top 5 multifamily investment sales of 2020 fell 50%
Landlords are organizing a protest around the lack of mortgage relief government policies and the inability to hit tenants with eviction notices.
What do we want? Mortgage relief!: Landlords plan LA protest
What do we want? Mortgage relief!: Landlords plan LA protest
Mike Bannon, California Apartment Association, executive director
Mom-and-pop resi landlords are already struggling
Mom-and-pop resi landlords are already struggling
An illustration of David Lee
A boomtown for a bygone era: Koreatown developers face a reckoning
A boomtown for a bygone era: Koreatown developers face a reckoning
Tani Cantil-Sakauye (Credit: Earl Gibson III/Getty Images)
Landlords sue California over eviction ban
Landlords sue California over eviction ban
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...