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February 28, 2020
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Afton Properties Buys Two Multifamily Properties Totaling 876 Units


Meridian Capital Group has arranged $122 mil for the acquisition of two multifamily properties in the Inland Empire, on behalf of Afton Properties. The transactions include $41 mil in acquisition financing for Alvista Canyons Apartments in Riverside, and $81 mil in acquisition financing for Parkview Terrace Apartments in Redlands.

The 10-year Fannie Mae and Freddie Mac loans, provided by Capital One Multifamily Finance, each feature full-term interest-only payments and were negotiated by Meridian Senior Managing Director, Seth Grossman, and Vice President, Sarah Kuebler.

Located at 600 Central Ave in the affluent Canyon Crest neighborhood of Riverside, Canyons is comprised of 36 two-story buildings that feature 288 spacious one-, two-, and three-bedroom units. Select apartments have been upgraded to offer amenities including vinyl plank flooring, ceiling fans, French doors, and new plumbing and lighting, with the remainder of the units ideally suited for an interior renovation program that presents a significant value-add opportunity. The secluded garden-style community also offers residents an abundance of common amenities such as a fitness center, four swimming pools, three spas, onsite laundry facilities, private parking, and a sports court.

Parkview Terrace is located at 1601 Barton Rd in Redlands, and consists of 588 one- and two-bedroom apartments. The units feature washers and dryers, central air conditioning and heating, private patios and balconies, and spacious walk-in closets in addition to community benefits such as a fitness center and clubhouse, three swimming pools and spas, sports courts, and a barbeque area. Parkview Terrace offers the opportunity to renovate all units to include upgrades such as stainless steel appliances, vinyl plank flooring, and modern lighting and technology.

Redlands and Riverside are located approximately 10 miles from San Bernardino in southern California. Both properties are advantageously situated within their submarkets near reputable schools, recreational parks, and convenient retail options, cultivating inviting multifamily environments.

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