January 23, 2017
San Diego-based MG Properties Group acquired the Santa Rosa Apartments in Wildomar, CA. The asset was purchased for $74.5 million, and marks MG Properties’ 13th acquisition in the past 12 months.
MG Properties’ Mark Gleiberman describes the acquisition as “a continuation of our strategy to take advantage of low long-term interest rates and economies of scale to generate outstanding cash-on-cash returns for our investors with Class A properties in secondary markets.”
Built in 2008, the property offers 320 luxury apartment homes in a desirable low density two-story walk-up design. MG Properties plans to perform modest interior renovations and refresh the property’s common areas.
CBRE’s Paul Runkle, Eric Chen and Bob Patterson represented the sellers. CBRE’s Brian Eisendrath and Cameron Chalfant arranged the $46.68-million, 10-year-fixed-rate Fannie Mae loan.
For comments, questions or concerns, please contact Dennis Kaiser