Summary:
- Legacy Partners and PGIM acquired University Village, a 320-unit garden-style apartment community in Azusa, California, from Azusa Pacific University for $92 million, with plans to rebrand it as Citrus Place Apartments and open for leasing by September 2025.
- The property, built in 1985 and formerly used as student housing, was vacated after the spring 2025 semester as Azusa Pacific shifts focus to enhancing residential facilities on its East Campus.
- CBRE facilitated the transaction and financing, with its Southern California Institutional Multifamily Team representing the seller and its Debt and Structured Finance team arranging debt for the buyers, supporting Legacy Partners and PGIM’s expansion in the high-demand San Gabriel Valley market.
Original article:
https://www.connectcre.com/stories/legacy-pgim-acquire-former-student-housing-from-azusa-pacific-u/
