January 15, 2016
MG Properties Group, a private San Diego-based real estate investor and operator, has reportedly teamed with Intercontinental Real Estate Corporation to acquire the 350-unit Carmel Hacienda Heights Apartments in Hacienda Heights.
Holliday Fenoglio Fowler’s Sean Deasy and Mark Petersen represented the seller, and the buyers represented themselves. CBRE’s Brian Eisendrath arranged a 10-year fixed-rate mortgage from Freddie Mac.
The new owners plan to upgrade the interiors, exteriors and common areas of the apartment community, which will be rebranded as The Hills at Hacienda Heights.
Christian Gardner, chief investment officer of MG Properties, told Connect Media, “The acquisition of the Carmel Hacienda Heights Apartments represents our second joint venture partnership with Intercontinental Real Estate, and our 13th multifamily property in the Los Angeles and Inland Empire region.”