Azusa Pacific University Sold 320-Unit Apartment Community to Legacy Partners for $92 Million

Mesa West Capital, a commercial real estate debt fund manager and portfolio lender with offices in Los Angeles, New York, Chicago and San Francisco, originated a $68.5-million acquisition loan for a 320-unit apartment community in Azusa dubbed University Village. The property, which was previously utilized for student housing and is located directly across from Azusa Pacific University, was acquired vacant by Legacy Partners and PGIM‘s real estate business with plans to reposition it as market-rate rentals. It will be rebranded as Citrus Place.

“With no new construction projects in the pipeline, we expect the local multifamily market to sustain strong fundamentals into the foreseeable future,” said Joshua Westerberg, head of originations for the western region at Mesa West Capital, in a statement.

Built in 1985, the community offers a mix of one- and two-bedroom units featuring in-unit washer/dryers, central heating and air conditioning, and oversized balconies on second-story units. It has 610 parking spaces, gated access, a recreation clubhouse, two outdoor swimming pools, tennis courts and a basketball court. A portion of the loan proceeds will be used to implement a light value-add strategy that will include upgrades to unit interiors and common area amenities and address deferred exterior maintenance issues

The financing was arranged by Ryan Greer, CJ Connolly and Spencer Beckwith in the Los Angeles office of CBRE.

Information for this article was sourced from Mesa West Capital.