MG Properties Acquires Orange County Community
The 215-unit property was completed last year.
MG Properties has added to its portfolio of communities in Orange County after acquiring a 215-unit property in Placentia, Calif. The company acquired The Herald Apartments from Lyon Living, who developed the community in 2021.
The Class A community offers one-, two- and three-bedroom units ranging from 678 to 1,428 square feet. The units were built with a private balcony or patio, movable kitchen island, keyless entry, walk-in closets, nine-foot ceilings and in-unit washer and dryers. Lyon Living also included a pool, spa, fitness center, resident lounge, on-site dry cleaning, dog run, coworking lounge, package locker, electric car charging stations and two landscaped courtyards as common amenities for The Herald Apartments.
Located at 150 E. Crowther Ave., the community is a short drive to Placentia’s several parks and shopping centers, as well as The Adventure Lagoon water park and Disneyland Park in nearby Anaheim. The Herald Apartments has nearby access State Route 57 and 91, and is roughly 30 miles away from Los Angeles. The community is 70 percent leased and 68 percent occupied, Paul Kaseburg, CIO for MG Properties, told Multi-Housing News.
Lyon Living was represented by Eastdil Secured’s Mark Peterson, Joseph Smolen, Geoff Boler and Jonathan Merhut in the transaction, which also received financing from affiliates of Apollo Global Real Estate Management L.P. that was originated by Eastdil Secured’s Lee Redmond and Greg Stampley.
EXPANDING EVERYWHERE IN CALIFORNIA
The Herald Apartments marks MG Properties’ second community in Placentia in its Orange County portfolio, following Union Place Apartments that also offers one-, two- and three-bedroom units. The company has a total of four properties in Orange County for a combined 1,266 units, but 14 properties across the Los Angeles and Orange County markets with more than 3,500 units, Kaseburg told MHN.
Nearby, MG Properties also expanded its presence in California’s Inland Empire submarket, acquiring a 330-unit community in Meifee, Calif., in November. Further north in the state, the company also grew its footprint in the Inland Empire region with its acquisition of a 168-unit Class B community in Martinez, Calif., also in November.