News Summary
MG Properties has completed the acquisition of Citron Apartments, significantly enhancing its portfolio in Orange County. The company, which has added 17 properties in the last year totaling over $2.1 billion, aims to expand its influence in the multifamily housing market. This modern residential community consists of 314 units, featuring upscale amenities and convenient access to key attractions. With strong backing and continued demand for rentals, MG Properties is positioned to make a substantial impact in the evolving real estate landscape.
Orange County, California
MG Properties, a prominent player in real estate investment and management, has recently finalized the acquisition of Citron Apartments, adding significant value to their portfolio. This acquisition marks the latest step in the company’s strategy, which has seen a total of 17 properties added within the past twelve months, culminating in assets valued at over $2.1 billion.
Citron Apartments is a modern residential community that comprises 314 recently completed units. The complex features four-story mid-rise construction that boasts upscale amenities and modern finishes, catering to the needs of contemporary renters. The property is strategically situated near vital transportation routes, including two major California freeways, and is in close proximity to popular attractions like Disneyland, The Anaheim Convention Center, and The Platinum Triangle.
With the backing of Freddie Mac for financing the acquisition, MG Properties has continued to solidify its footprint in the multifamily real estate sector of Orange County, a market noted for its consistent growth over the past 20 years. The company is especially optimistic about the region’s future due to low new supply and persistently high rental demand, which underlines the potential for ongoing investment opportunities.
Significance of the Acquisition
The acquisition of Citron Apartments is part of MG Properties’ wider strategy aimed at expanding its influence in the multifamily housing market. As of now, their portfolio includes over 32,000 rental homes across several states, including California, Washington, Arizona, Nevada, Colorado, and Oregon, comprising a total of 113 communities. The company’s growth trajectory reflects its commitment to enhancing community housing solutions.
Company Overview
Founded in 1992 by Mark Gleiberman and headquartered in San Diego, California, MG Properties operates as a privately owned, fully integrated real estate company, specializing in the investment, redevelopment, and management of multifamily assets. The company is committed to enriching communities and has established a reputation in the market for its focus on quality living environments.
Market Context
The Orange County real estate market is recognized as one of the top-performing areas nationwide, and this recent acquisition by MG Properties is indicative of a broader trend towards investment in the region. The continual growth in rental demand juxtaposed with a scarcity of new housing supply positions this market as a desirable location for real estate investment. This environment is bolstered by a robust economy, which contributes to steady demand for rental properties.
As MG Properties looks forward to implementing its growth strategies, the company’s recent acquisitions not only enhance its portfolio but also reflect the ongoing confidence in the multifamily sector within Orange County and the associated prospects for future developments. With such investments, MG Properties is poised to play a significant role in addressing the housing needs of residents in this thriving Californian market.
Overall, the acquisition of Citron Apartments is seen as a prudent addition to MG Properties’ well-rounded investment strategy, reinforcing its commitment to the multifamily sector and its aim to foster community development.
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Additional Resources
- Inman News: Michael Liebowitz Speaking at San Diego Connect
- Realtor.com: San Diego Home Prices Up in May
- NBC San Diego: Signs of Cooling in Million-Dollar Housing Market
- Wikipedia: Real Estate in California
- San Diego Union-Tribune: Home Prices Flat for First Time in 2 Years
