Legacy Partners purchased an apartment community located in Azusa for $91.8 million. Azusa Pacific University sold the vacant apartments to the privately owned real estate company, per property records recorded earlier this month.
The apartment community is minutes away from the private school. The California Municipal Finance Authority previously provided the university with tax-exempt financing for the apartments to become student housing. But the apartments were underutilized, and the university opted for a sale.
Mesa West Capital provided a $68.5 million loan for the 320-apartment acquisition.
The property was presented as a vacant multifamily community in the San Gabriel Valley primed for repositioning, per a CBRE offering memorandum. The apartments at 801 East Alosta Avenue, now called Citrus Place rather than University Village, will begin leasing soon, per a social media post by Legacy Partners — which is based in Foster City, a master-planned community in the Bay Area.
The San Gabriel Valley has a 4.1 percent vacancy rate, per a second-quarter Lee & Associates market report. Apartments command an average monthly asking rent at $2,018; and the average unit sale price is $285,805. That’s around what Legacy Partners purchased the apartments for — $286,875 apiece.
In the San Gabriel Valley, the top sale in Q2 was Community Housing Works’ 126 apartments purchased from Stratford Partners, according to the market report. The apartments at 1940 Fullerton Road in Rowland Heights were sold for $38.3 million, or $303,968 per unit. The other two sales were for less than $10 million.
Three years ago, Azusa Pacific University cashed out of a separate apartment building portfolio in the area in an $81 million deal; the three properties near campus totaled 316 apartments.
Legacy Partners, earlier this summer, came closer to redeveloping the Los Angeles Chargers’ former training facility in Costa Mesa into a mixed-use destination.
Legacy Partners and Azusa Pacific University did not immediately respond to a request for comment.
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