SAN DIEGO, CA - MG Properties Group, a privately held real estate investor and operator headquartered in San Diego, California announced the acquisition of Victoria Arbors Apartment Homes for $137.6 million from Sares Regis Group. This 319-unit, suburban, garden-style property is in the Inland Empire's highly desirable city of Rancho Cucamonga.
With its coveted location across from the Victoria Gardens Mall, Victoria Arbors provides ease of access to nearby retail and outdoor leisure activities. With a Walk Score of 84 and its close proximity to the I-15, Victoria Arbors is the ideal home base for employees drawn to the Inland Empire's booming employment centers, including nearby healthcare and distribution center employers like QVC and Amazon.
Mark Gleiberman, Founder & CEO of MG Properties said, "Victoria Arbors is ideally positioned to benefit from post-pandemic trends, as a walkable suburban community with growing nearby economic opportunity. The Inland Empire continues to be a top-performing market and we are excited to add this asset to our portfolio."
Further expanding its Southern California portfolio, Victoria Arbors will mark MG Properties Group's tenth property in the Inland Empire/Temecula Valley, including the acquisition of The District Apartment Homes earlier in 2021. MG Properties Group has purchased 15 communities in the past year totaling over 4,600 units and $1.39 billion in combined value. The company is targeting further acquisitions in California, Washington, Oregon, Arizona, Nevada, Utah, Colorado and Texas
The seller, Sares Regis Multifamily Funds, was represented by Berkadia's Tom Moran, Jr., Derrek Ostrzyzek, Rachel Parsons, and Mike Murphy as part of the organization's newly formed Institutional Solutions powered by Moran. The property was financed with a $75 million mortgage provided by Nuveen Real Estate and arranged by Charles Christensen of Berkadia.
Source: MG Properties Group