Afton Properties Acquires Azure Apartments In Santa Maria For $113.5M

The Azure apartment complex in Santa Maria, Southern California, has been sold by MBK Rental Living to an entity linked to Reuven Gradon of Afton Properties. The property, which was developed by MBK in 2018 and acquired for $10 million, consists of 318 units spread across 14.5 acres. The sale price for the multifamily asset was $113.5 million, translating to a per unit price of $356,918.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $113,500,000
• Address: 703 Meehan Street
• Market: Santa Maria
• Acres: 14.5
• Buyer: Reuven Gradon - Afton Properties
• Seller: MBK Rental Living - Ken McCarren
• Brokers: Joseph Grabiec, Kevin Green & Greg Harris - Institutional Property Advisors - Marcus & Millichap
• Units: 318
• Price Per Unit (PPU): $356,918

The transaction was facilitated by Kevin Green, Joseph Grabiec, and Greg Harris of Institutional Property Advisors, who represented the respective parties in the deal. MBK Rental Living's successful sale of the Azure apartment complex demonstrates the attractiveness of the Santa Maria market and highlights the strong demand for multifamily properties in the area.

NOTE: MBK Rental Living, after acquiring the property for $10 million in 2018, has sold the Azure apartment complex in Santa Maria for $113.5 million. The sale was facilitated by Kevin Green, Joseph Grabiec, and Greg Harris of Institutional Property Advisors on behalf of the parties involved.