MG Properties Group Acquires 456-Unit Apartment Community in Vista, California for $117.5 Million

MG Properties Group Acquires 456-Unit Apartment Community in Vista, California for $117.5 Million

SAN DIEGO, CA - MG Properties Group, a private San Diego-based real estate investor and operator, has announced the acquisition of Waterleaf Apartments in Vista, CA.

Waterleaf is a 456-unit apartment community built in 1985. Minutes away from Camp Pendleton, Waterleaf is located in the highly sought after North County region boasting over 470,000 jobs.

The property offers residents excellent access to north-county San Diego employers and retail via Highways 76 and 78, and Interstates 15 and 5. Waterleaf is a low-density garden style property with 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.

The sellers were represented by Ed Rosen, and John Chu of Berkadia. The acquisition was financed with a $76.4M Fannie Mae Loan arranged by Brian Eisendrath of CBRE.  

According to Mark Gleiberman, MGPG's Chief Executive Officer, "We are pleased to grow our existing San Diego portfolio, particularly in the North County region. Waterleaf is well-positioned to capitalize on strong regional employment prospects and will allow us to further scale our operations in the region."

MG Properties Group has purchased 11 properties in the past 12 months. These acquisitions totaled over 4,000 units and approximately $817,000,000 in combined purchase price.

The company is targeting further acquisitions in Washington, Oregon, Arizona, California, Colorado, and Nevada. 

Source: MG Properties Group / #Multifamily #Apartments

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