Legacy, PGIM Acquire Former Student Housing from Azusa Pacific U.

Legacy, PGIM Acquire Former Student Housing from Azusa Pacific U.
News| September 24, 2025| Paul Bubny
California & West + Apartment Buildings

Legacy Partners and venture partner PGIM have acquired University Village, a 320-residence garden-style apartment community at 801 E. Alosta Ave. in Azusa, for $92 million. The seller was Azusa Pacific University, which used the property as residence halls for students. The community will be rebranded as Citrus Place Apartments and be available for leasing by the end of September 2025.

“We’re excited to partner again with PGIM to create value in a low-supply, high-demand market such as San Gabriel Valley, where we successfully developed MODA at Monrovia Station in 2018, and are currently under construction with Mill House in Ontario,” said Tim O’Brien, senior managing director at Legacy Partners. “Our goal for Citrus Place Apartments is to create an elevated suburban garden product to serve the Azusa community and San Gabriel markets.”

Built in 1985, University Village was used as student housing by Azusa Pacific until the conclusion of the spring semester of 2025 when students moved out. The university now intends to focus its efforts on improving the residential experience on East Campus, and University Village lies just outside that property.

Azusa Pacific University was represented by CBRE’s Southern California Institutional Multifamily Team of Rachel Parsons, Derrek Ostrzyzek, Mike Murphy and Kenji Thomas, along with assignment lead Greg Nassir as well as Jenny Eng.  Ryan Greer, Troy Tegeler, and Trevor Breaux of CBRE’s Debt and Structured Finance arranged the debt on behalf of Legacy Partners and PGIM.

Other News

Synergy Hosts Official Opening for Massachusetts’ Largest Office-to-Resi Conversion

Boston & New England + Apartment Buildings

Synergy held the official opening of Altitude Worcester, the largest office-to-residential conversion in Massachusetts, with a ribbon cutting ceremony with Juana Matias, the Secretary of the Massachusetts Executive Office of Housing and Livable Communities , and the City of Worcester. The event also marked the completion of 22 Elm St., the adjacent affordable homeownership community Synergy...

Learn more

MBTA Issues RFQ for Redevelopment of Lynn Commuter Parking Garage

Boston & New England + Apartment Buildings

The Massachusetts Bay Transportation Authority (MBTA) has issued a request for qualifications from would-be redevelopers of its downtown Lynn, MA commuter parking garage. It’s the first of a two-step process, to be followed by a request for proposals. The five-story garage opened in 1992 and has been partially closed since 2022 over safety concerns, ItemLive...

Learn more

Kidder Mathews Arranges Sale of 45-Unit Multifamily in Walla Walla

Seattle & Northwest + Apartment Buildings

Suncrest Apartments, a 45-unit multifamily community located at 1800 Evergreen Street in Walla Walla, Washington, has sold for $4.3 million. Kidder Mathews Vice President Max Frame of the Simon | Anderson Multifamily Team in Seattle represented the seller, Art Griff, in the transaction. The buyer was Jason Zook. Situated on 1.72 acres, Suncrest Apartments consists...

Learn more
New call-to-action

Brokers

View All

Lenders

View All

Management

View All
Login
or
Sign up