A new multifamily development in Anaheim sold for $144 million, the second-highest sale of the year so far, for an apartment property in Orange County.
San Diego-based MG Properties bought Citron Apartments at 901 E. South St. in Anaheim from Sacramento-based Anton Development Co. for nearly $459,000 per unit. The $144 million sale price is almost as much as what investors paid for all multifamily properties across Orange County during 2025’s first quarter.
Financing for the Citron deal was provided by Freddie Mac and arranged by Berkadia.
In 2023, Anton Development completed the four-floor, 314-unit apartment complex within the Platinum Triangle, an Anaheim area located near Disneyland, Angel Stadium, Honda Center and the under construction OCVibe entertainment district (see story, page 1).
MG Properties President Jeff Gleiberman said in a statement his company was “bullish” on the Orange County multifamily market due to low supply and high rental demand.
The acquisition gives MG Properties its 17th property within the past 12 months, for a total of more than $2.1 billion.
Gleiberman founded MG Properties in 1992 and grew the company to its current portfolio of more than 32,000 rental houses across 113 neighborhoods in Arizona, California, Colorado, Nevada, Oregon and Washington state.
Citron Apartments
Anton Development Co. completed Citron Apartments in 2023. The complex features 135 studio units, 82 one-bedrooms, 95 two-bedrooms and two three-bedrooms. The average rent ranges from $2,572 for a studio to $4,422 for a three-bedroom.
Citron Apartments was 94% occupied at the time of sale, according to CoStar data.
On-site amenities include an entertainment clubhouse, multiple courtyards, coworking space, television lounge, barbecue area, arcade games and a fitness center.
Orange County’s Multifamily Market
Citron Apartments marks at least the third nine-figure sale of an Orange County multifamily property this year.
Miami-based Crescent Heights bought the 350-unit Skyline at MacArthur Place in Santa Ana’s South Coast Metro market for $240 million, or $650,000 per unit, in April.
BLDG Partners paid $108 million, or $275,510 per unit, for the 392-unit Park Vista Apartments in Anaheim during the first quarter.
A CBRE report on OC’s multifamily market said countywide investment sales totaled $145.5 million for the first quarter of this year, with most deals focusing on properties featuring fewer than 20 units. Most of that figure includes the Park Vista Apartments deal.
CBRE added Orange County saw $468 million in total apartment sales for the fourth quarter of 2024.
J.P. Morgan, in its most recent report on the Orange County multifamily market, said workforce housing is the county’s greatest strength.
“The tight supply of workforce and affordable housing properties shows why renter demand tends to be very durable,” Chase Regional Sales Manager Matthew Krasinski said in the J.P. Morgan report.
Accessory dwelling units, or ADUs, offer landlords with creative opportunities to turn underutilized space into a new apartment, Chase Senior Regional Sales Manager Lynnette Antosh said in the J.P. Morgan report.
