Afton Properties Buys Los Angeles-Area Property for $132M
- Sep 20, 2019
Afton Properties has snapped up Sunset Ridge Apartments, an 800-unit, mixed-income community in the Los Angeles area of Lancaster, Calif. The property traded for $132 million, according to a report by The Real Deal. Berkadia secured $108.7 million in Freddie Mac financing for the acquisition.
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Located at 43436 16th St. W., the property was built in four separate phases of 200 units each between 1986 and 1988. The community offers one-, two- and three-bedroom units along with a laundry facility, fitness center and swimming pool.
The asset was previously owned by Provident Resources Group, which bought it from Municipal Capital Appreciation Partners in 2002 for $47.8 million, according to Yardi Matrix. For the most recent sale, Freddie Mac purchased the 15-year, fixed-rate loan with eight years of interest-only payments through its Targeted Affordable Housing program.
A Berkadia team of Senior Managing Director Mitch Sinberg, Associate Director Matthew Robbins and Senior Analyst Abigail Beauchamp secured the loan. Singberg noted that the former owner made value-add improvements to the property, which caters to renters in the affordable and market-rate segment.