Legacy Partners purchased an apartment community located in Azusa for $91.8 million. Azusa Pacific University sold the vacant apartments to the privately owned real estate company, per property records recorded earlier this month. The apartment community is minutes away from the private school. The California Municipal Finance Authority previously provided the university with tax-exempt financing for the apartments to become student housing. But the apartments were underutilized, and the university opted for a sale. Mesa West Capital provided a $68.5 million loan for the 320-apartment acquisition. The property was presented as a vacant multifamily community in the San Gabriel Valley […]
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