June 22, 2017
San Diego-based MG Properties Group acquired the Alexan Melrose Apartments in Vista, CA from Trammell Crow Residential and a joint-venture partner for $134 million. The 410-unit luxury apartment community, located on roughly 20 acres at 1401 North Melrose Dr., was built in 2015 and will be rebranded as the Preserve at Melrose Apartments.
MGPG’s Mark Gleiberman says, “The high quality of this property makes it an excellent long-term strategic purchase for our private investment capital.” He notes the company added two San Diego properties to its portfolio within the past six months and the Alexan Melrose marks its 14th acquisition in the past 12 months.
HFF’s Hunter Combs and Sean Deasy represented the sellers. The acquisition was financed with an $84.9-million, 10-year-fixed-rate Freddie Mac loan arranged by CBRE’s Bill Chiles, Scott Peterson and Brian Cruz.
For comments, questions or concerns, please contact Dennis Kaiser