Utah investor Bridge Investment Group has recently made a big play in Anaheim, with its acquisition of Madison Park Apartments. The company has acquired the Anahim apartment building from MG Properties for $283.5 million, or about $369,000 per unit.
The transaction was first reported by the Orange County Business Journal and includes the sale of 768 residential units at 2235 West Broadway. According to the apartment building’s website, the Madison Park Apartments offers a mix of studio, one-, and two-bedroom units ranging from $1,791 to $2,660 per month.
Built in 1969, the property offers a number of amenities, including three pools, a spa, picnic area and tennis courts. A large resident lounge also provides a movie theater, banquet room, business center, billiard room and a fitness center.
Located in Anaheim, the property is also within close proximity to a number of shopping and entertainment amenities, including Disney’s California Adventure Park, Knott’s Berry Farm and the Buena Park Downtown Mall. The property is also just west of downtown Anaheim and near both Interstate 5 and State Route 39.
This is not the only investment made into Southern California by Bridge Investment Group. According to previous reporting from The Registry, the company purchased a 175,291 square-foot distribution center in Rancho Cucamonga for $48.8 million, or about $278 per square foot. The property, located at 10808 6th Street, was purchased in January of this year.
Earlier in October, the company also purchased a 277-unit multifamily property in San Diego for $86.65 million, or about $312,815 per unit. The property is called Parkway Club and is located at 1237 Graves Avenue.
Founded in 2009, the Salt Lake City-based company owns and manages a variety of property types, with $42 billion worth of assets under management, including 52,350 multifamily units and 10,750 senior living units.