Afton Properties Acquires Hills Of Corona Apartment Complex In Inland Empire For $71.3M

Afton Properties has acquired the Hills Of Corona apartment complex, located at 2365 Millcreek Place in Corona, California. The multifamily property spans across 10 acres and consists of 248 units. The transaction took place on August 25, 2023, and the sale price was $71,300,000. The purchase price per unit was $287,500, and the total square footage of the property is 133,265. The price per square foot is estimated at $535.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $71,300,000
• Address: 2365 Millcreek Place, Corona, California
• Market: Corona
• Acres: 10
• Units: 248
• Price Per Unit: $287,500
• Square Footage: 133,265
• Price Per Square Foot: $535

The buyer of the property is Afton Properties, represented by Reuven Gradon. The lender involved in the transaction is Arbor Realty Trust. Afton Properties utilized $46.5 million in Fannie Mae debt from Arbor Realty Trust to finance the acquisition of the Hills Of Corona apartment complex.