MG Properties Extends Apartment Buying Spree With $144M SoCal Deal

Fresh off its near record-breaking deal in San Diego earlier this year, MG Properties continued its ongoing streak of big multifamily purchases with a new nine-figure deal in Orange County, Calif. 

The San Diego-based investment and property management firm has paid $144 million for Citron, a 314-unit apartment complex at 901 East South Street in Anaheim. The four-story property was developed in 2023 by Anton DevCo.

Berkadia originated a $92.5 million Freddie Mac loan for the acquisition, according to an MG spokesperson. Berkadia’s Kevin Mignogna, Charlie Haggard, Lee Scott, Joey Guarino and Michael Beach arranged the debt on behalf of MG. 

“Orange County has been a top-performing market through several downturns over the past 20 years,” Jeff Gleiberman, MG Properties president, said in a statement. “With low new supply and continued rental demand, we are very bullish on the market and the opportunity for growth.” 

The powers that be at MG have clearly seen much value in the multifamily sector lately, particularly in the Western U.S. The firm acquired 17 properties over the past 12 months alone, according to the company, in deals collectively totaling more than $2.1 billion. 

That includes Park 12 – The Collection, a 35-story high-rise and two mid-rise buildings in Downtown San Diego. MG acquired the complex from Greystar in February for $309 million — the third-largest apartment deal in the city’s history. 

In December, an MG affiliate paid about $94 million for Lakeridge Apartments in Reno, Nev., according to reports at the time. In early 2024, meanwhile, MG paid $116 million for the 273-unit Pulse Millenia apartments in Chula Vista. 

Separately, the firm sold the 410-unit Preserve at Melrose in Vista to Mesirow for $185 million. 

Nick Trombola can be reached at ntrombola@commercialobserver.com.