MG Properties Acquires Citron Apartments for $144 Million

Categories: Business NewsNewsReal Estate & Properties

Citron Apartments, a newly developed multifamily residence in Anaheim.

News Summary

MG Properties has acquired the Citron Apartments in Anaheim, California, for $144 million, marking a significant addition to its multifamily portfolio. This acquisition reflects MG Properties’ commitment to expanding its investments in the Orange County housing market. The Citron Apartments, completed in 2023, features 314 upscale residential units and modern amenities, making it an appealing option for potential renters. The deal was facilitated by Freddie Mac and underscores MG Properties’ strategic focus on favorable markets amidst consistent demand for quality housing.

Anaheim, California – MG Properties Expands Multifamily Portfolio with $144 Million Acquisition

MG Properties has acquired the Citron Apartments in Anaheim for $144 million, marking one of the largest multifamily deals in Orange County over the past year. The recent purchase emphasizes MG Properties’ commitment to expanding its multifamily investment portfolio.

Details of the Citron Apartments

The Citron Apartments, located at 901 East South Street, boasts a total of 314 residential units and was completed in 2023. This four-story mid-rise offers a variety of upscale amenities and modern finishes designed to attract residents looking for quality housing. Its prime location near major California freeways, Disneyland, the Anaheim Convention Center, and the Platinum Triangle enhances its appeal, positioning it as a desirable place to live.

Financing and Transaction Details

The financial arrangement for this acquisition was facilitated by Freddie Mac, with Berkadia handling the financing process. Key individuals involved in the arrangement included Kevin Mignogna, Charlie Haggard, Lee Scott, Joey Guarino, and Michael Beach, who played significant roles in ensuring the successful completion of the transaction.

Market Insights from MG Properties

Jeff Gleiberman, President of MG Properties, has expressed optimism regarding the Orange County market, citing its resilience during economic downturns, a low influx of new supply, and a consistent demand for rentals as key factors in their decision to invest. This strategic acquisition aligns with MG Properties’ broader objective of enhancing its presence in favorable markets.

Recent Acquisitions by MG Properties

This recent deal is part of a larger trend, as MG Properties has successfully acquired 17 properties totaling over $2.1 billion in the past year. Some notable recent acquisitions include Park 12 – The Collection, a luxurious 35-story high-rise in Downtown San Diego, which was purchased for $309 million in February, and the Lakeridge Apartments in Reno, secured for approximately $94 million.

About MG Properties

Founded and headquartered in San Diego, California, MG Properties specializes in the investment, redevelopment, and management of multifamily assets. The company has strategically positioned itself in lucrative markets, which has contributed to its expansive growth and continued success over the years.

This acquisition of Citron Apartments further cements MG Properties’ status as a formidable player in the multifamily real estate market in the region. As the demand for quality housing remains strong, MG Properties is poised to capitalize on the opportunities within this dynamic sector.