MG Properties Buys SoCal Community for $144M
This is the buyer's 17th acquisition in the last 12 months.
MG Properties has acquired Citron Apartments, a 314-unit community located in Anaheim Calif. Purchased for $144 million, the property was previously owned by Anton Development.
Financing for the acquisition was secured by Berkadia’s team of Kevin Mignogna, Charlie Haggard, Lee Scott, Joey Guarino and Michael Beach, who obtained a $92.5 million loan from Freddie Mac, according to Commercial Observer.
Opened in 2023, the four-story, Orange County mid-rise features one- to three-bedroom apartments ranging between 615 to 1,473 square feet according to Yardi Matrix. The property offers community amenities including a fitness center, spa, swimming pool and clubhouse. At Citron, there are 605 parking spaces available with covered parking included, and additional parking is available for a fee. The property also features a 32,000 square-foot courtyard.
Individual residences include private washers and dryers, modern finishes, digital locks and high ceilings. Yardi Matrix shows that as of May, Citron is approximately 96 percent leased. Located at 901 East South Street in Anaheim, the community is two miles away from Disneyland and near the Santa Ana Freeway. The location is 28 miles outside of LA and has easy access to other Southern California destinations.
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This latest pickup for MG Properties has brought the San Diego-based company to 17 properties acquired over the last year, transactions totaling $2.1 billion. Earlier this year, the company finalized the largest multifamily purchase in San Diego in last five years with its $309 million acquisition of Park 12 Apartments.
Orange County metrics slow down
Heading into 2025, the fundamentals of the multifamily market in Orange County remained in a steady position, according to a Yardi Matrix report on the area. Occupancy across Orange County remained above the 94.5 percent national rate, even though it fell 10 basis points year-over-year to 96.5 percent.
Deliveries within the metro are expected to slow down. As of February, there were 8,235 units under construction, the slowest level the area has seen in a decade. Transactions are also continuing at a slower pace, as the 2024 total was $780 million.
