Legacy Partners and venture partner PGIM have acquired University Village, a 320-residence garden-style apartment community at 801 E. Alosta Ave. in Azusa, for $92 million. The seller was Azusa Pacific University, which used the property as residence halls for students. The community will be rebranded as Citrus Place Apartments and be available for 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.”
Built in 1985, University Village was used as student housing by Azusa Pacific until the conclusion of the spring semester of 2025 when students moved out. The university now intends to focus its efforts on improving the residential experience on East Campus, and University Village lies just outside that property.
Azusa Pacific University was represented by CBRE’s Southern California Institutional Multifamily Team 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 Legacy Partners and PGIM.
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