MG Properties Acquires Citron Apartments for $144 Million

Categories: Business NewsNewsReal Estate & Properties

Citron Apartments showcases modern residential living in Anaheim.

News Summary

MG Properties has completed the acquisition of Citron Apartments in Anaheim, a community with 314 units, for $144 million. This purchase highlights the company’s ongoing expansion in the multifamily real estate market, which has seen significant growth recently. The acquisition was supported by a $92.5 million loan from Freddie Mac and features modern amenities, high demand occupancy, and a prime location near Disneyland. This strategic move continues MG Properties’ aggressive expansion strategy within the competitive Orange County market.

Anaheim, California

MG Properties has recently finalized the acquisition of Citron Apartments, a residential community comprising 314 units in Anaheim, for $144 million. This strategic investment underscores MG Properties’ continued growth in the multifamily sector and adds to its expanding portfolio, which has seen a total of 17 properties acquired in the past year, valued at $2.1 billion.

Financing for the Citron Apartments acquisition was facilitated by a $92.5 million loan from Freddie Mac, coordinated by Berkadia’s team, which includes Kevin Mignogna, Charlie Haggard, Lee Scott, Joey Guarino, and Michael Beach. The property was previously held by Anton Development and officially opened its doors in 2023.

Property and Community Features

Citron Apartments features a four-story mid-rise design and offers residents a range of apartment sizes, with units varying from 615 to 1,473 square feet. The community is equipped with modern amenities such as a fitness center, spa, swimming pool, clubhouse, and a spacious 32,000 square-foot courtyard. Additionally, residents have access to 605 parking spaces, including covered parking options, with supplementary parking available for an additional fee.

Each apartment is designed for convenience and comfort, featuring private washers and dryers, contemporary finishes, digital locks, and high ceilings. As of May, the Citron Apartments are approximately 96 percent leased, indicating a strong demand for housing in the area.

Location and Accessibility

Citron Apartments is situated at 901 East South Street, just two miles from Disneyland and in close proximity to the Santa Ana Freeway. This prime location provides residents easy access to not only the well-known entertainment hub of Disneyland but also to various Southern California destinations, being only 28 miles from Los Angeles.

Market Context

The acquisition of Citron Apartments takes place against a backdrop of a robust multifamily market in Orange County, where occupancy rates remain higher than the national average of 94.5 percent, although they have slightly dipped to 96.5 percent year-over-year. Despite the strength of the market, new unit deliveries are expected to slow with only 8,235 units currently under construction, marking the lowest level in a decade. Transaction activity in the region has also waned, with a reported $780 million in transactions for 2024 as of February.

Earlier this year, MG Properties made headlines with the largest multifamily purchase in San Diego in five years, acquiring Park 12 Apartments for $309 million. These recent developments highlight MG Properties’ aggressive expansion strategy and commitment to strengthening its foothold in the multifamily real estate market.

With the successful acquisition of Citron Apartments, MG Properties continues to position itself as a significant player in the multifamily housing landscape, responding to the ongoing demand for rental residences in desirable locations such as Anaheim.