Multifamily investor Afton Properties adds nearly 1K units to portfolio

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

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.

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