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11/17/21
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In a multifamily buy from about a month or so ago, Avanath Capital Management LLC has acquired River Run Senior, a 360-unit senior affordable housing community in Corona. The transaction had a price tag of around $65 mil ($180.5k/unit).
Built in 2004, River Run consists of six three-story garden-style buildings totaling 216.7k sf for an average unit size of about 600 sf. With a mix of 306 one-bedroom and 54 two-bedroom apartments, the property offers in-unit amenities including air conditioning, a dishwasher, vinyl plank flooring, walk-in closets, and private balconies/patios. Common amenities include a community center, leasing office, business center, pool, elevator service, laundry rooms in each building, and a gated entry.
River Run is located at 863 River Rd, with easy access to major thoroughfares such as North Main Street/Hamner Avenue, I-15, and CA-91, which connect residents to numerous neighborhood conveniences, dining, shopping, and entertainment venues in Corona and the surrounding area. Downtown Corona, located approximately 1.5 miles from River Run, contains the North Main Corona Commuter Rail station, which is linked with Metrolink’s Inland Empire—Orange County and 91 Line, providing services to Los Angeles, Perris, San Bernardino, and Oceanside.
According to John R. Williams, President and CIO of Avanath Capital Management, the property is consistently 99% to 100% occupied, has not experienced a drop in collections during the pandemic, and has an interest list of over 1,000 prospects.
Avanath plans to make improvements to River Run, including: upgrading mechanical systems; replacing roofs, HVAC systems, and boilers; adding a maintenance shop; and installing security cameras near access gates.
With this acquisition, Avanath now owns 11 properties in Southern California with 2,187 units under management in the region. River Run is the company’s second acquisition in Riverside County; the first, Woodside Senior, was acquired by Avanath in 2014. It is also Avanath’s third acquisition in Southern California in the past nine months.
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