San Diego-based MG Properties has expanded its multifamily holdings in Orange County with the purchase of The Herald Apartments, a 215-unit new construction building, from Lyon Living. The sales price was not disclosed.

Located in Placentia, the Herald Apartments was built in 2021. It is a class-A building with a full host of amenities and strong fundamentals. Mark Peterson, Joseph Smolen, Geoff Boler and Jonathan Merhut of Eastdil Secured represented the seller in the transaction. Affiliates of Apollo Global Real Estate Management L.P. secured the acquisition financing, which was originated by Lee Redmond and Greg Stampley also of Eastdil Secured.

Orange County's apartment market has performed will through the pandemic, with rent growth surfacing early last year. Orange County rents grew an average of 1.8% in, according to Yardi Matrix predicted in a report released Friday. Orange County rent growth took a dive with the start of the pandemic, but continues to outpace the nation, according to the study. Spurred by a continuation of new supply lagging demand, Orange County rents rose 0.3% on a trailing three-month basis through February, outperforming the 0.1% overall US rate, the study said. The county's $2,164 average rent as of February was well above the $1,399 national norm.