Abacus Capital Group Acquires Ashton Apartments in Corona for $136.5 Million

In 2023, Abacus Capital Group made significant strides in the multifamily housing market by acquiring the Ashton Apartments in Corona for $136.5 million. This transaction, which equates to $277,000 per unit, underscores the growing demand for rental properties in the region. The acquisition was part of a larger strategy to expand their portfolio in key markets. Alongside this purchase, Abacus also acquired CentrePointe Greens in Everett, Washington, for $38.2 million, or $205,000 per unit. This dual acquisition reflects a robust investment approach, as the company seeks to capitalize on favorable market conditions. The Ashton Apartments deal is particularly noteworthy as it stands as the second largest apartment sale in the Inland Empire for the year, following the sale of Bell Murrieta Springs, which sold for $146.5 million. This trend indicates a competitive landscape for multifamily properties in the area. Rents at the Ashton Apartments range from $1,584 to $2,582 per month, suggesting a healthy rental market. The properties were originally part of a larger acquisition by CapitaLand International USA in 2018, indicating a strategic shift in ownership and investment focus in the region.