December 8, 2017
San Diego-based MG Properties Group acquired Waterleaf Apartments in Vista, CA for $117.5 million. Waterleaf is a 456-unit multifamily community built in 1985, and was divested by an unnamed party.
The low-density garden-style property offers an attractive unit mix and full-size washers and dryers in every unit. A resort-style community amenity package includes two separate clubhouses, two fitness centers, a business center, two pools and spas, two sports courts and playgrounds. MG Properties Group plans to continue the interior renovation program in progress and enhance common area amenities.
Berkadia’s Ed Rosen and John Chu represented the sellers. The acquisition was financed with a $76.4-million Fannie Mae Loan arranged by CBRE’s Brian Eisendrath.
For comments, questions or concerns, please contact Dennis Kaiser