Avanath Pays $65M for Inland Empire Senior Community
Greystone provided acquisition financing for the 360-unit property in Corona, Calif.
Avanath Capital Management has teamed up with Registered Investment Adviser to acquire River Run Senior, a 360-unit affordable, age-restricted community in Corona, Calif. Steadfast Cos. sold the garden-style community for $65.1 million, public records show.
River Run Senior traded for the first time since its 2004 completion. The property was developed with financing through 4 percent low-income housing tax credits and tax-exempt bonds. The buyers financed the acquisition with a $39.1 million Fannie Mae loan originated by Greystone. The mortgage is structured with a fixed interest rate across its 10-year maturity period along with a 30-year amortization schedule. The loan includes interest-only payments throughout the term.
The new owners plan several building infrastructure upgrades, including updating the building security system.
Avanath Communities Inc. will take over operations at the property serving residents 55 and over. With the current purchase, the company has 2,187 units under management in Southern California and owns an 11-property portfolio in the region.
Location and amenities
Located at 863 River Road, the community features 306 one-bedroom and 54 two-bedroom apartments across six three-story buildings totaling 216,684 square feet. River Run Senior offers floorplans averaging 602 square feet and including private balconies and patios.
The senior housing property features a business and a community center, a heated swimming pool with a sun deck, along with laundry facilities for each building.
River Run Senior is within a mile of the North Main Street retail corridor, roughly 2 miles from downtown Corona, Corona Regional Medical Center, Butterfield Park and Corona Municipal Airport.
The transaction marks Avanath’s third purchase in Southern California in nine months. In February, the company entered Orange County with the acquisition of The Grove Senior Apartments. Avanath paid $19.9 million for the 85-unit community in Garden Grove, Calif.