CORONA, Calif. — Avanath Capital Management, LLC has acquired River Run Senior, a 360-unit affordable seniors housing community in Corona, located in Riverside County. The price and seller were not disclosed.
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.
“The property is consistently 99 percent to 100 percent occupied, has not experienced a drop in collections during the pandemic, and has an interest list of over 1,000 prospects,” says John Williams, president and CIO of Avanath.
Built in 2004, River Run consists of six three-story, garden-style buildings totaling 216,684 square feet or 602 average square feet per unit.
The property is situated for easy access to major thoroughfares, 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.
River Run will be managed by Avanath Communities Inc., which also manages 10 of the additional properties Avanath owns in Southern California.