SAN DIEGO, CA - MG Properties Group, a private San Diego-based real estate investor and operator, has announced the acquisition of North Pointe Apartments in Vacaville, CA, 30 miles south of Sacramento.
North Pointe is a 312-unit apartment community built in 2004. The property is situated on 18 acres and offers a diverse mix of one-, two-, and three-bedroom units that average nearly 1,050 square feet and feature 9' ceilings and full size washers and dryers. Resort-style amenities include a leasing center, separate clubhouse, fitness center, business center, movie theater, and a heated pool and spa. MG Properties Group plans to upgrade unit interiors and enhance common area amenities.
The sellers were represented by Eastdil Secured's Multifamily Team. The acquisition was financed with a $55.9M Freddie Mac mortgage arranged by Brian Eisendrath and Cameron Chalfant of CBRE.
According to Mark Gleiberman, MGPG's Chief Executive Officer, "Northern California's strong economy continues to drive opportunities for acquisitions in the region. We are pleased to further grow our Northern California portfolio and are looking forward to improving the living experience at North Pointe for our residents."
MG Properties Group has purchased 11 properties in the past 12 months. These acquisitions total over $874,000,000 in purchase price and 4,050 units. The company is targeting further acquisitions in Washington, Oregon, Arizona, California, Colorado, and Nevada.
MG Properties Group is a privately owned West Coast real estate owner and operator specializing in multi-housing assets. The company's current portfolio includes 18,000 units in California, Washington, Oregon, Arizona and Nevada. MG Properties Group employs over 500 professionals with in-house expertise in acquisitions and underwriting as well as asset, property, construction and investment management.
Source: MG Properties Group / #Multifamily #Apartments