MG Properties Expands Portfolio with $2.1 Billion Investment in Citron Apartments

MG Properties has once again solidified its presence in the multifamily apartment industry with the strategic acquisition of Citron Apartments in Anaheim, California. This recent purchase marks a significant milestone in their expansion endeavors, having successfully integrated 17 properties into their portfolio over the past year, representing an investment surpassing $2.1 billion.

The Citron Apartments, a notable asset built in 2023, boasts 314 modern residential units. Its prime location presents residents with the convenience of nearby access to major California freeways, not to mention the proximity to iconic landmarks such as Disneyland, The Anaheim Convention Center, and The Platinum Triangle. This center of sports and entertainment is home to the Los Angeles Angels and Anaheim Ducks, offering a vibrant communal atmosphere.

Citron's four-story mid-rise construction does not fall short on luxury, featuring upscale amenities and contemporary finishes that capture the essence of modern living. These attributes are a testament to MG Properties' commitment to providing high-quality living experiences for their tenants.

In discussing this acquisition, Jeff Gleiberman, President of MG Properties, highlighted the company's optimistic outlook on the region. "Orange County has been a top performing market through several downturns over the past 20 years. With low new supply and continued rental demand, we are very bullish on the market and the opportunity for growth," he asserted. This statement reflects the company’s strategic foresight and understanding of market resilience.

The investment was financially buttressed by Freddie Mac, with the transaction arrangements skillfully handled by Berkadia's team, including Kevin Mignogna, Charlie Haggard, Lee Scott, Joey Guarino, and Michael Beach. This level of sophisticated finance structuring plays a crucial role in the facilitation of such significant property acquisitions.

MG Properties remains at the forefront of the multifamily sector as a privately owned, fully integrated real estate company. With a diverse portfolio now consisting of over 32,000 rental homes within 113 communities spread across six states, the company's geographic footprint and market influence continue to grow. Their prowess in investment, redevelopment, and management of multifamily assets is evident and positions them as a leader in the industry, ready to harness opportunities for development, innovation, and community enhancement.