**Legacy Partners and PGIM Acquire Azusa Multifamily Community for $92 Million**
Legacy Partners, along with venture partner PGIM, has acquired University Village, a 320-residence garden-style apartment community located at 801 E. Alosta Avenue in Azusa, California. The property was purchased for $92 million from Azusa Pacific University, which previously utilized it as student housing.
The newly acquired community will be rebranded as Citrus Place Apartments, with leasing expected to begin 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 the 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 that serves the Azusa community and the greater San Gabriel market.”
Originally built in 1985, University Village served Azusa Pacific University students through the end of the 2025 spring semester. Following the sale, the university plans to concentrate on enhancing residential life on its East Campus. University Village is located just outside of that campus footprint.
The transaction was facilitated by CBRE’s Southern California Institutional Multifamily Team, which included Rachel Parsons, Derrek Ostrzyzek, Mike Murphy, and Kenji Thomas, with Greg Nassir serving as the assignment lead and Jenny Eng also contributing. Debt financing for Legacy Partners and PGIM was arranged by Ryan Greer, Troy Tegeler, and Trevor Breaux of CBRE’s Debt and Structured Finance group.
