Legacy Partners (“Legacy”), a privately held national real estate firm, together with venture partner PGIM, announced the acquisition of University Village, a 320-residence garden-style apartment community in Azusa, California. The seller was Azusa Pacific University, who used the property as residence halls for students.
“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 Huse 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.”
“We’re thrilled to acquire this well-located apartment community, an asset that is significantly below replacement cost and offers an immediate opportunity to create value through strategic capital improvements and lease-up,” said Soultana Reigle, Head of U.S. Equity and Senior Portfolio Manager for PGIM’s real estate business. “With the chronic housing shortage in Southern California, we believe this property is poised for strong performance, especially given its proximity to key employment and retail centers. Our continued partnership with Legacy Partners gives us great confidence in the success of this project and future collaborations.”
Built in 1985, University Village was previously used as student housing by Azusa Pacific until the conclusion of the spring semester of 2025 when students moved out. According to the university’s website, the Office of Residence Life intends to focus its efforts on improving the residential experience on East Campus, and University Village lies just outside of that property.
“This was unique opportunity to acquire a vacant, value-add multifamily property in one of the most stable submarkets within the San Gabriel Valley,” added O’Brien. “Interestingly, Legacy Partners originally developed the project in 1985, though our predecessor company Lincoln Property Company, and we now have the opportunity to reimagine the property 40 years later.”
The community is located at 801 E. Alosta Avenue, a block from the Azusa Pacific campus and two blocks from Citrus College. The 14-acre property consists of 20, two-story garden-style residential buildings, featuring a mix of 320 one- and two–bedroom apartment homes ranging from 656 to 917 square feet.
