CBRE Arranges Sale of University Village Multifamily Community in Azusa, California

CBRE announced the sale of University Village, a 320-unit multifamily community located at 801 E. Alosta Avenue in Azusa, California. The property was delivered vacant at the close of escrow, allowing the buyer to reposition the asset as market-rate apartments.

The seller, Azusa Pacific University, was represented by CBRE’s Southern California Institutional Multifamily Team consisting 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 the buyer, a co-venture between PGIM and Legacy Partners.

University Village, newly reintroduced as Citrus Place, features low-density, two-story construction at only 23 units per acre.

“This presents an exciting opportunity for the seller to strategically redeploy resources in support of its vital and vibrant 126-year mission, while offering the buyer a rare chance to acquire a well-located, low-density multifamily asset with immediate upside through renovations and the ability to achieve market rents across all units,” said Greg Nassir, First Vice President, CBRE.

“This was a strategic investment for the buyer to reposition a vacant community as market-rate housing in the highly desirable San Gabriel Valley, which satisfies the growing renter demand in this submarket,” said Derrek Ostrzyzek, Executive Vice President, CBRE. “The city of Azusa features exceptionally high barriers to entry, with no new development scheduled in the foreseeable future, which will bode well for the success of Citrus Place.”

According to CBRE Research, the multifamily vacancy rate in the San Gabriel Valley was 2.8%, the lowest in L.A. County.