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.

Institutional Property Advisors' EVP investments Greg Harris and director Kevin Green represented the seller, while the buyers represented themselves. The acquisition was financed with a 10-year fixed-rate mortgage from Fannie Mae, arranged by Brian Eisendrath at CBRE.

According to Jessica Levin, who is based in Intercontinental's Los Angeles office, “The Orange County area continues to be a top-performing market with favorable economic and real estate conditions. With convenient access to Anaheim's major employers, Madison Park offers an affordable alternative to the area's newer development projects.” Coldwell Banker Commercial Worldwide's recently released “Blue Book” says that Orange County multifamily vacancy is down, while absorption and rental rates are up, indicating a strong market.

Harris says, “Madison Park is a highly amenitized multifamily housing community that services an undersupplied segment of the submarket. Highlighting Madison Park's position in the market as a rare combination of luxury living at an affordable price compared to competing assets of similar quality proved beneficial to both the buyer and seller.”

MG also owns the comparable 402-unit Crystal View Apartments in Garden Grove, CA. According to Mark Gleiberman, MG Properties' CEO, “Madison Park is an excellent addition to our portfolio, further expanding our scale in the Orange County region. We expect the property to have long-term stability and to benefit from the diverse regional job base and growth potential.”