Afton Properties has purchased Sycamore Canyons, a 288-unit Class B community in the Inland Empire, for $63.1 million, according to Yardi Matrix. Capital One provided the buyer with $41 million in acquisition financing through Fannie Mae.
The seller, LivCor, had purchased the asset from Phoenix Realty Group for $39.5 million in October 2015. In November, the firm sold a 558-unit community near Seattle for $173 million to Decron Properties.
Located at 600 Central Ave. in Riverside, Calif., Sycamore Canyons is 5 miles from the city center, 50 miles east of Los Angeles. The property is situated near the Canyon Crest Towne Centre, home to a range of shopping and dining options. A public bus route serves the immediate area.
The community, built in 1979, contains a mix of one- and two-bedroom units, with floorplans ranging from 840 to 1,304 square feet. Amenities include three swimming pools, six laundry facilities and covered parking. As of October, the property was 96.5 percent occupied.
Image courtesy of Yardi Matrix