Property Description

INVESTMENT HIGHLIGHTS 

• High-Performing Growth Providing a Significant Value-Add Opportunity

  Avana Springs is ideally positioned to capitalize on the high-performing growth and strong fundamentals in the Corona submarket, offering investors a significant value-add opportunity. With rising population and employment, the Property continues to meet the demand for renovated units while achieving more than $250 in monthly premiums on 67 upgraded units (20.9% of the Property). Since 2023, Avana Springs has excelled with ±4.9% average annual effective rent growth, heavily surpassing the submarket’s ±3% rent growth rate, coupled with a 7.4% year-over-year Property NOI growth and a 20.1% NOI surge since December 2023. The 67 units renovated by current ownership include stainless steel appliances, vinyl plank flooring, gooseneck faucets, and two-tone thermofoil cabinets. Additionally, 217 units were upgraded by previous ownership (prior to 2019) and maintain rent premiums of over $150 per unit per month. With 36 units still in classic condition and much of the prior renovation now considered outdated, there’s a compelling opportunity to further enhance renovations to all units to a higher spec as outlined in the rendering. The asset’s proven rent growth, renovation premiums, and yearly NOI increases underscore the potential for opportunistic investors to capture substantial returns through an enhanced interior renovation strategy.

• Corona’s Central and Prime Micro-Location

  Avana Springs is strategically located just west of the I-15 Freeway and north of the 91 Freeway, offering residents a significant commuting advantage with excellent access to major employment centers. Situated just over a mile from the North Main Metrolink station, residents can also reach North Orange County’s employment hubs in 20-45 minutes via train, with convenient connections extending from San Bernardino to Oceanside. The proximity to the 91 Freeway provides renters with a quick and efficient express route for commuting to Orange County or the Inland Empire, reducing travel time and enhancing convenience. The city attracts a young, affluent population drawn to its quality retail amenities, robust transportation infrastructure, and high-paying manufacturing and R&D jobs. With its prime location and modern conveniences, Avana Springs is perfectly positioned to meet the demands of this thriving community.

• Gateway to Booming Job Markets and Proximity to Lifestyle Amenities

  Avana Springs offers exceptional access throughout the Inland Empire, where employment skyrocketed by 29.4% from 2014 to 2024, leading all major California metros. The highly regarded Corona/Riverside submarket, with over 122 million square feet of industrial space, hosts major employers like Teva Pharmaceuticals, CIRCOR Aerospace, and Kaiser Riverside. The location’s strategic proximity to the ports of Los Angeles and Long Beach makes it ideal for fulfillment centers, employing a skilled workforce in logistics technology. Avana Springs is perfectly situated less than a mile from two retail destinations: Gateway Town Center and Metro at Main. Gateway Town Center is a substantial Target-anchored retail hub, offering nearly 270,000 square feet of space. Just as accessible is Metro at Main, a revitalized 60,000-square-foot mixed-use development that provides a more curated selection of dining, featuring popular spots such as Starbucks and Tacos Al Fuego, along with other convenient retailers. Together, these two nearby centers offer residents a comprehensive and diverse array of lifestyle amenities.

• Exceptional Population Growth and Limited Pipeline Fueling Rental Demand

  Avana Springs is advantageously located in Corona and part of the rapidly expanding Inland Empire, where the city’s population has more than doubled since 1990 and its California-leading metro is projected to grow by 299,915 (6.3%) over the next five years. Constant demand fuels a persistent housing deficit as Corona faces a significant supply-demand imbalance, with limited new multifamily developments currently under construction and only 640 institutional units anticipated to be delivered within a five-mile radius of Avana Springs, none of which are in Corona. The region’s limited supply has kept vacancies low and driven impressive rent growth, averaging 5.2% annually over the past decade. This scarcity of large-scale projects, combined with the region’s historically strong submarket fundamentals, presents a prime opportunity for investors to capitalize on the diminishing competitive pipeline and robust rental rates in a rapidly growing community.

• Avana Springs Superior Rent Growth Shines Amidst Strong Corona/Riverside Submarket

  Avana Springs is positioned as a compelling investment opportunity within the robust Corona/Riverside submarket, which benefits from limited new construction, high occupancy, and strong rent growth. CoStar’s forecast of a 3.2% annual increase in rent through 2030 further highlights the submarket’s stability and growth potential. However, Avana Springs has demonstrated an exceptional level of performance that surpasses the broader submarket trends. From 2021 to 2025 year-to-date, Avana Springs has achieved an annual effective average rent growth of approximately ±5.4%, a rate that has significantly outpaced the Corona/Riverside submarket’s average rent growth by ±4.1% during the same period.

LOCATION