AZUSA, CALIF. — Legacy Partners and PGIM have acquired University Village in Azusa, about 20 miles east of downtown Los Angeles, for $92 million. The 320-unit property sits directly across the street from Azusa Pacific University, which was the seller and had formerly been using the community as a residence hall for students. Mesa West Capital provided a $68.5 million loan to buy the property and finance the conversion of the asset from student housing into a traditional multifamily community, which will include a light value-add program.
The new owners will complete upgrades to unit interiors and common-area amenities and address deferred exterior maintenance issues. Students moved out of the property after the spring 2025 semester. University Village will be rebranded as Citrus Place. Ryan Greer, CJ Connolly and Spencer Beckwith in the Los Angeles office of CBRE arranged the Mesa West loan. Built in 1985, University Village offers a mix of one- and two-bedroom units. Amenities include 610 parking spaces, gated access, a clubhouse, two outdoor pools, tennis courts and a basketball court.