#USA #Anaheim #MG Properties #Citron Apartments

MG Properties Acquires Citron Apartments for $144 Million

In an impressive move within the real estate sector, MG Properties, a well-known investment and management firm based in San Diego, has successfully completed the acquisition of Citron Apartments for a substantial $144 million. This acquisition not only marks a significant addition to their portfolio but also gives MG Properties a total of 17 properties acquired in the last year, amounting to over $2.1 billion in investments.

Understanding Citron Apartments

Built just last year in 2023, Citron Apartments encompasses 314 residential units and is strategically located near major California freeways. Its proximity to popular attractions such as Disneyland, the Anaheim Convention Center, and the Platinum Triangle—home to the Los Angeles Angels and Anaheim Ducks—positions it as a highly desirable residential community.

The property features a four-story mid-rise design accompanied by modern finishes and upscale amenities, aimed at providing an attractive living environment for residents. According to Jeff Gleiberman, the President of MG Properties, Orange County remains a resilient market that has shown strong performance even through economic downturns over the last two decades. This, combined with the ongoing demand for rentals and a limited supply of new housing, fuels their optimism for growth in this area.

Funding the Acquisition

The financing for this transaction was sourced through Freddie Mac and arranged by several key players including Kevin Mignogna, Charlie Haggard, Lee Scott, Joey Guarino, and Michael Beach from Berkadia. This collaboration indicates a robust financial backing attributed to MG Properties’ reputation and the potential of the Citron Apartments investment.

This acquisition reflects MG Properties' commitment to expanding its footprint in the multifamily housing market, driven by strategic investments in areas that promise long-term value and demand. With over 32,000 rental homes across California, Washington, Arizona, Nevada, Colorado, and Oregon, MG Properties has established itself as a formidable player in the real estate landscape. Founded by Mark Gleiberman in 1992, the company’s mission emphasizes enriching communities through thoughtful investment and management.

As MG Properties continues to grow and diversify its portfolio, industry stakeholders will undoubtedly be watching closely how the Citron Apartments will contribute to its ongoing success. The acquisition not only reflects MG’s strategic vision but also showcases the enduring appeal of key markets such as Orange County amidst evolving economic conditions.

For more details on MG Properties and their portfolio, visit their official website.