Anton South Street Venture LLC sold Citron Apartments — a recently completed community with 314 residential units — to MG Properties for $144M.
Property: Citron Apartments in Anaheim, Calif.
Price: $144M
Seller: Anton South Street Venture LLC
Buyer: MG Properties
Built in 2023, Citron Apartments is a four-story complex featuring upscale amenities such as a resort-style pool, outdoor courtyards, game and entertainment spaces, a pet spa and a dog run.
“Citron is well built and thoughtfully designed into its community, giving it a private and quiet neighborhood feel compared to many of its more urban comparisons,” said Paul Kaseburg, chief investment officer of MG Properties.
The apartment home community offers convenient freeway access and is located near Disneyland, The Anaheim Convention Center and The Platinum Triangle, where the Los Angeles Angels and Anaheim Ducks host home games.
“Citron has very little competition from new development, insulating it from lease-up competition and positioning it well for further Orange County growth,” he added.
“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,” said Jeff Gleiberman, president of MG Properties.
Financing for the transaction was provided by Freddie Mac and arranged by Kevin Mignogna, Charlie Haggard, Lee Scott, Joey Guarino and Michael Beach with Berkadia.
