Afton Properties acquired the 800-unit Sunset Ridge Apartments in Lancaster
LOS ANGELES (Sept. 19, 2019) – Berkadia announces it has secured financing for Afton Property’s acquisition of Sunset Ridge Apartments, an 800-unit mixed-income garden-style community in Lancaster, California.
Berkadia originated, and Freddie Mac purchased, a $108.7 million 15-year, fixed rate loan, with eight years interest only through its Targeted Affordable Housing program. Senior Managing Director Mitch Sinberg, Associate Director Matthew Robbins and Senior Analyst Abigail Beauchamp of Berkadia’s Boca Raton, Florida office secured the financing on behalf of Los Angeles-based Afton.
“We’re excited to have acquired such an incredible asset, and are looking forward to providing high-quality affordable housing,” said Reuven Gradon, President of Afton Properties.
“The property is situated in a unique position in that it helps satisfy demand for affordable and market rate housing while demonstrating upside subsequent to value-add improvements carried out by the previous owner,” added Sinberg. “Even with regulatory restrictions currently set in place, the property’s ability to qualify for tax credits in a market with strong demand drivers make this a compelling investment opportunity.”
Built in four separate 200-unit phases between 1986 and 1988, Sunset Ridge is located at 43436 16th Street West. One-, two- and three-bedroom units include fully equipped kitchens, pantry, dishwasher and ceiling fans. Community amenities include a laundry facility, on-site maintenance, a fitness center and swimming pool.