MG Properties has acquired an Anaheim, California, apartment community for $144 million, continuing on its busy last 12 months.
Freddie Mac provided the financing, while Berkadia's Kevin Mignogna, Joey Guarino, Charlie Haggard, Lee Scott and Michael Beach arranged the deal.
The four-story property, known as Citron Apartments, features a total of 314 units. According to Apartments.com, the unit offerings range from studios to three bedrooms, with sizes varying between 615 square feet to 1,473 square feet. Also, the apartments offer a washer and dryer, dishwasher, internet access and granite countertops. Some other amenities in the community include a courtyard, a zen garden, a conference room, a lounge, a pool, a fitness center and a spa.
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Additionally, Citron is located near Disneyland and The Platinum Triangle, where the Anaheim Ducks and Los Angeles Angels play home games.
"Orange County has been a top performing market through several downturns over the past 20 years," Jeff Gleiberman, president of MG Properties, said in a statement.
"With low new supply and continued rental demand, we are very bullish on the market and the opportunity for growth."
However, Anaheim was the only one of the nation's top 50 apartment markets to post negative net move-outs in the first quarter, according to a recent report by RealPage. Also, the city's overall demand of 2,595 units marked the second weakest overall in the first three months of the year among the top markets, only trailing Memphis' 2,166 units.
The acquisition of Citron continues MG's recent offensive activity. Over the past year, the developer has invested $2.1 billion in 17 properties. This includes a $309 million purchase of Park 12 Apartments in San Diego it announced in February — the city's third-largest apartment acquisition ever. It was also the biggest apartment purchase in San Diego since 2020.
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Anthony Russo
Anthony Russo has been contributing to GlobeSt. since July 2024. Along with CRE, his financial background expands to capital markets, the economy, and consumer issues. Previously, he has written for CapitalWatch and was a senior reporter for The US Sun.
