WEST ANAHEIM, CA—GlobeSt.com has learned exclusively that a joint venture between Intercontinental Real Estate Corp. and MG Properties Group has acquired Madison Park Apartments, a 768-unit community here, from a private multifamily investment firm for a price that has not been disclosed to us. The asset is the largest single property by number of units to be purchased in Southern California since 2013.
Madison Park is centrally located in West Anaheim near the I-5 freeway, between Disneyland and Knott's Berry Farm. Apartment interiors have recently been renovated with high-quality finishes and a contemporary aesthetic. The buyer intends to further invest in the property to improve common areas and select interiors. GlobeSt.com was unable to reach the buyer before deadline to determine the extent and estimated costs of the improvements.
The property was designed as a resort-style community, featuring a variety of common-area amenities including two swimming pools, sports courts, a large fitness center and group exercise room, clubhouse, movie theater, banquet room and a business center.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
