(EDITOR’S NOTE: According to Vizzda records, the property was acquired by Hills of Corona Owner LLC, an entity managed by Afton Properties. The property was sold by Miller 7 LLC for $71.3 million, or approximately $287,500 per unit.)
IRVINE, Calif. –– Berkadia Institutional Solutions announced today the sale of Hills of Corona, a 248-unit garden-style multifamily property located in Corona, California. The Southern California Berkadia Institutional Solutions team led by Derrek Ostrzyzek, Rachel Parsons, and Tom Moran Jr. completed the brokered sale to a private Los Angeles investor. The deal closed on August 15.
“The Hills of Corona checks all the boxes for investors,” said Ostrzyzek. “The property boasts a low-density campus with 53 percent townhome floor plans, immediate access to the 91 Freeway, walkability to the best schools in Corona, and over 1 million square feet of retail.”
Located at 2365 S Promenade Avenue, Hills of Corona features one- and two-bedroom floor plans with walk-in closets, dishwashers, private balconies or patios and in-unit washers and dryers. Community amenities include a clubhouse, a fitness center, two swimming pools, a business center and a spa. Residents are afforded convenient access to Hidden Valley Golf Course, Lake Hill Reserve Park, Lake Mathews Estelle Mountain Reserve, and the shops and restaurants along Highway 91 and Interstate 15.
Berkadia Institutional Solutions
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Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our client’s assets.
