News Summary
MG Properties has completed the acquisition of Citron Apartments, a modern residential community in Anaheim valued at $144 million. The property adds to MG Properties’ expanding portfolio, which has seen significant growth recently. Citron Apartments features upscale amenities and is strategically located near key attractions, making it an attractive option for renters. The company aims to capitalize on the flourishing rental market in Orange County as it continues to enhance its presence in the region.
Anaheim, California – MG Properties Achieves Major Acquisition of Citron Apartments
MG Properties has successfully acquired Citron Apartments, a newly developed residential community consisting of 314 units, in a transaction valued at $144 million. This significant acquisition adds another property to MG Properties’ impressive portfolio, which has expanded to include 17 properties over the last year, amounting to a total investment of over $2.1 billion.
Strategic Location and Modern Features
Citron Apartments, which was completed in 2023, is strategically located near major thoroughfares, including two key California freeways, and is within close proximity to popular attractions such as Disneyland, The Anaheim Convention Center, and the Platinum Triangle. This prime location makes it an attractive option for renters seeking both convenience and leisure.
The property is designed as a four-story mid-rise that features upscale amenities and modern finishes, appealing to a wide range of potential tenants. The mixture of high-quality construction and desirable location enhances the value of the transitional area in Anaheim.
Market Analysis
According to industry experts, the rental market in Orange County has demonstrated consistent performance over the past two decades. Factors such as a limited supply of new housing and persistent demand for rentals suggest a positive outlook for further growth in this sector. MG Properties, as a seasoned investor, is capitalizing on these conditions to expand its presence in the region.
Financing and Support
To facilitate the acquisition, financing was secured through Freddie Mac. The transaction’s financing was arranged by a specialist team from Berkadia, which included professionals such as Kevin Mignogna, Charlie Haggard, Lee Scott, Joey Guarino, and Michael Beach. Their organized approach contributed to the successful completion of this major real estate deal.
About MG Properties
MG Properties is a privately owned, fully integrated real estate company with a focus on the investment, redevelopment, and management of multi-family real estate. With a current portfolio that comprises over 32,000 rental homes across several states, including California, Washington, Arizona, Nevada, Colorado, and Oregon, MG Properties has established itself as a significant player in the multi-family housing market. The company’s diverse portfolio encompasses 113 communities and has continued to grow steadily as part of its long-term strategic plan.
Conclusion
The acquisition of Citron Apartments marks an important milestone for MG Properties as it further solidifies its position in the competitive California real estate market. With key locations, modern amenities, and sustained rental demand, MG Properties is well-prepared to leverage its recent investments to continue providing quality housing options to diverse demographics in the surrounding areas.
Deeper Dive: News & Info About This Topic
HERE Resources
Disneyland to Temporarily Close Attractions for Refurbishments
Disneyland to Temporarily Close Attractions for Refurbishment
MG Properties Acquires Citron Apartments for $144 Million
MG Properties Acquires Citron Apartments for $144 Million
MG Properties Acquires Citron Apartments for $144 Million
MG Properties Acquires Citron Apartments in Orange County
Additional Resources
- MultifamilyBiz: MG Properties Completes Acquisition of Newly Built Citron Apartments
- OC Business Journal: Walt Disney Co. Buys Anaheim Warehouse for $124 Million
- Norada Real Estate: Anaheim, California Joins Trillion Dollar Club of Housing Markets
- OC Register: Real Estate News – Warehouse Construction Begins in Anaheim
- US News: Los Angeles & Orange County Housing Market Forecast
- Wikipedia: Anaheim, California
- Google Search: Anaheim real estate market
Author: Anaheim Staff Writer
Anaheim Staff Writer The Anaheim Staff Writer represents the experienced team at HEREAnaheim.com, your go-to source for actionable local news and information in Anaheim, Orange County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as major conventions at the Anaheim Convention Center, including NAMM and VidCon, exciting games at Angel Stadium and Honda Center, and developments at Disneyland Resort Our coverage extends to key organizations like the Anaheim Chamber of Commerce and Visit Anaheim, plus leading businesses in hospitality, entertainment, and innovation that power the local economy As part of the broader HERE network, including HERECostaMesa.com, HEREHuntingtonBeach.com, HERESantaAna.com, and HERELosAngeles.com, we provide comprehensive, credible insights into Southern California's dynamic landscape.
