PGIM JV Acquires LA Community for $92M
The property previously served as residence halls for students.
A joint venture between PGIM and Legacy Partners has acquired University Village, a 320-unit community in Azusa, Calif., a Los Angeles submarket, for $92 million. Azusa Pacific University sold the asset.
The school institution previously used the property as residence halls for students. The buyer will rebrand the community as Citrus Place Apartments and reposition it as multifamily, with leasing beginning by the end of the month.
PGIM and Legacy Partners also took out $68.5 million in short-term financing from Mesa West Capital. CBRE arrange the five-year, interest-only, floating-rate note. Part of the funding will be used to upgrade the property and add a fitness center.
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Located at 801 E. Alosta Ave. Citrus Place is adjacent to the Azusa Pacific University campus and close to Interstate 210. Downtown Los Angeles is 25 miles away, while the city’s international airport is within 42 miles.
Built in 1985, the community encompasses 20 two-story garden-style buildings across 14 acres. The unit mix comprises one- and two-bedroom floorplans ranging from 656 to 917 square feet. Common-area amenities include two outdoor swimming pools, a hot tub, a large recreational room, two tennis courts and a basketball court. The property also has 600 parking spaces.
CBRE Vice Chairman Ryan Greer, Executive Group President CJ Connolly and Analyst Spencer Beckwith arranged the financing.
Los Angeles investment activity drops year-over-year
Los Angeles’ multifamily transaction activity year-to-date as of April comprised $569 million, according to a Yardi Matrix metro report. This figure was 30.8 percent less compared to the same time frame during last year.
In March, The Bascom Group acquired Highridge Apartments, a 257-unit community in Ranchos Palos Verdes, Calif. The asset completed in 1972 changed hands for $127 million.
