MG Properties Acquires Citron Apartments for $144 Million

Categories: Business NewsNewsReal Estate & Properties

The modern Citron Apartments, a recent addition to the Anaheim real estate market, featuring upscale amenities.

News Summary

MG Properties has successfully acquired Citron Apartments in Anaheim, California for $144 million, enhancing its multifamily portfolio, which has exceeded $2.1 billion in investments over the past year. The modern 314-unit community, built in 2023, features upscale amenities such as a fitness center, spa, and swimming pool, and boasts a high occupancy rate of 96%. Financing was facilitated by Berkadia with a $92.5 million loan from Freddie Mac. The strategic location near major freeways and attractions like Disneyland further increases its rental appeal.

Anaheim, California

MG Properties has successfully acquired Citron Apartments for $144 million. This significant transaction adds another high-value property to the firm’s expanding portfolio, which has seen a total investment exceeding $2.1 billion in the past 12 months.

Details of the Acquisition

The Citron Apartments, located at 901 E. South St., is a modern multifamily community, having been built in 2023. The property consists of 314 residential units within a four-story mid-rise construction. It features contemporary designs and upscale amenities, aimed at attracting a wide range of residents.

Financing the Purchase

To facilitate the acquisition, financing was arranged by Berkadia, which included a loan from Freddie Mac valued at $92.5 million. Key members of the Berkadia team, including Kevin Mignogna, Charlie Haggard, Lee Scott, Joey Guarino, and Michael Beach, played pivotal roles in securing this financial arrangement.

Property Features and Amenities

Citron Apartments boast several attractive amenities for residents. These include a fitness center, a spa, a swimming pool, a clubhouse, and a large 32,000 square-foot courtyard. Additionally, there are 605 parking spaces available, offering both covered and paid options.

The individual apartments come equipped with private washers and dryers, digital locks, and feature high ceilings. As of May, Citron Apartments reported a high occupancy rate, with approximately 96 percent leased.

Location Advantages

The property is strategically located near major California freeways, making it easily accessible to various Southern California destinations. Notable nearby attractions include Disneyland, The Anaheim Convention Center, and the bustling Platinum Triangle. The location is situated just 28 miles from Los Angeles, further enhancing its appeal for residents and potential renters.

Market Outlook and Future Plans

Jeff Gleiberman, President of MG Properties, highlighted positive sentiments about the Orange County real estate market. The area is characterized by low supply and strong rental demand, which bodes well for the future performance of Citron Apartments.

The acquisition of Citron Apartments marks the 17th property purchased by MG Properties in the last year, demonstrating the company’s aggressive growth strategy in the rapidly evolving multifamily sector.