Legacy Partners Snags Azusa Pacific University Apartments for $91.8M
A privately owned real estate company, Legacy Partners, purchased a vacant apartment community in Azusa for $91.8 million from Azusa Pacific University.
Legacy Partners, a privately owned real estate company, recently acquired a vacant apartment community in Azusa for $91.8 million from Azusa Pacific University, according to property records recorded earlier this month. The 320-apartment community, located in the San Gabriel Valley just minutes away from the private university, was previously financed by the California Municipal Finance Authority as student housing. However, the university ultimately decided to sell the underutilized property.
In order to finance the acquisition, Mesa West Capital provided a $68.5 million loan. The property was presented as vacant multifamily housing, making it an attractive investment opportunity for Legacy Partners.
"We are excited to add this well-located property to our portfolio and provide much-needed housing options for the students of Azusa Pacific University," said a spokesperson for Legacy Partners.
The sale of the apartments highlights the influence and sway of private companies in the real estate market, as well as the power of university institutions to make profitable deals. While the sale may have been a smart financial decision for the university and a lucrative investment for Legacy Partners, it raises questions about the prioritization of profit over providing affordable housing options for students.
https://therealdeal.com/la/2025/09/22/azusa-apartment-complex-trades-hands/