Riverside and Redlands properties (Credit: Google Maps and iStock)
Afton Properties secured $122 million in acquisition loans on a pair of big apartment complexes in Riverside and San Bernardino counties.
The Los Angeles-based real estate investment firm had purchased the properties from Blackstone Group, which has unloaded some of its holdings in the area over the past year.
Capital One Bank provided the Fannie Mae and Freddie Mac loans on the two properties, which each carry a 10-year term. Meridian Capital arranged the financing.
Both properties were purchased through LLCs controlled by Reuven Gradon, principal of Afton Properties.
Afton secured an $81 million loan to acquire the 588-unit Parkview Terrace in Redlands, at 1601 Barton Road in San Bernardino County. It paid $130.6 million for the building.
The company used a $41 million loan for the acquisition of the 288-unit Alvista Canyons Apartments, at 600 Central Avenue in Riverside. Afton paid $126.2 million for the complex in the Canyon Crest neighborhood.
Both properties have fitness centers, pools, spas and a sports court.
Despite a stalling housing market in Southern California, the Riverside-San Bernardino area is considered to be one of the next residential boom markets.
Earlier this month, Afton — which focuses on multifamily investment — said it would convert an 88,000-square-foot former department store in Downtown L.A. into a new office building, with a restaurant and rooftop bar.
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