MG Properties Grabs Anaheim Apartments for $144 Million

MG Properties is adding another big-ticket deal to its list of acquisitions in the past year, this time in Orange County.

The San Diego-based investment and property management firm has paid $144 million for Citron, a 314-unit residential complex at 901 East South Street in Anaheim, Commercial Observer reported. The four-story buildings were developed in 2023 by Anton DevCo and feature one-, two- and three-bedroom apartments.

Citron boasts 32,000 square feet of courtyard space, theater lawn, pool, spa, and an indoor and outdoor fitness center. The property is in walking distance to the Anaheim Packing District, a food hall packed with restaurants, bars, farmers markets and retail.

MG Properties is “bullish on the market on the opportunity for growth” amid “low new supply and continued rental demand,” the company’s president ,Jeff Gleiberman, said in a statement to CO.

In the past year alone, MG has acquired 17 properties in deals collectively totaling more than $2.1 billion. A large portion of the recent acquisitions have been in the western United States.

In February, MG acquired Park 12 — The Collection, a 37-story high-rise and two six-story mid-rises in downtown San Diego, from Greystar for $309 million. That agreement marked the third-largest apartment deal in the city’s history.

Last December, an MG affiliate dropped approximately $94 million for Lakeridge Apartments in Reno, Nevada. In early 2024, MG picked up the 273-unit Pulse Millenia apartments in Chula Vista, California, for $116 million.

Downtown Anaheim, meanwhile, is poised for a rebirth thanks in part to Anaheim Ducks owner Henry Samueli. His firm, H&S Ventures, just acquired the Stadium Tower offices at 2400 East Katella Avenue for roughly $73 million. The property is located next to the Ducks’ home rink at the Honda Center, which Samueli has also pledged $1 billion to renovate. It’s all a part of OCVibe, Samueli’s $4 billion planned entertainment village in the heart of the city.

— Chris Malone Méndez