**Legacy Partners and PGIM Acquire Former Student Housing in Azusa for $92M**
Legacy Partners, in partnership with PGIM, has acquired University Village in Azusa, California, for $92 million. The 320-residence garden-style apartment community, located at 801 E. Alosta Avenue, was sold by Azusa Pacific University, which previously used the property as student housing. The community will be rebranded as Citrus Place Apartments and is scheduled to begin 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.”
Originally built in 1985, University Village had served as residence halls for Azusa Pacific University students until the end of the Spring 2025 semester. Moving forward, the university will focus on enhancing the residential experience within its East Campus. University Village sits just outside of this primary campus area.
The transaction was facilitated by CBRE’s Southern California Institutional Multifamily Team, consisting of Rachel Parsons, Derrek Ostrzyzek, Mike Murphy, and Kenji Thomas, with assignment leadership by Greg Nassir and Jenny Eng. Debt for the acquisition was arranged by CBRE’s Debt and Structured Finance team, including Ryan Greer, Troy Tegeler, and Trevor Breaux, on behalf of Legacy Partners and PGIM.
