Source: MG Properties Group
SAN DIEGO, CA - MG Properties Group, a private San Diego-based real estate investor and operator, is further expanding its presence in the Inland Empire, announcing the acquisition of The District Apartment Homes. Formally known as The District at Grand Terrace, MG Properties Group purchased the property from Tower 16 Capital Partners for $88,000,000.
"We are pleased to be further growing our long-term presence in the Inland Empire, a market that has strong opportunity due to its economic growth, affordability, and convenience," said Mark Gleiberman, MG Properties Group's Founder & CEO.
The District Apartment Homes is a class "B" apartment community built in in two phases in 1980 and 1986 in Colton, CA.The Inland Empire is experiencing strong rental demand driven by logistic and healthcare jobs. The property is a value-add opportunity to significantly improve unit interiors in a market which is experiencing high demand for clean and affordable apartments. MG Properties Group owns and manages 7 other apartment communities in the Inland Empire and will be able to enhance management through economies of scale.
MG Properties Group has purchased 7 communities in the past 12 months. These acquisitions totaled over 2,100 units and $700 million in combined value. The company is targeting further acquisitions in Washington, Oregon, Arizona, California, Colorado, and Nevada.
The seller was represented by Christopher Zorbas, Alex Garcia and Tyler Martin of IPA. The property was financed with a 10-year fixed rate loan in the amount of $57,200,000 arranged by Brian Eisendrath and Cameron Chalfant of CBRE.