San Diego Firm Buys San Marcos Apartments for $28MTuesday, January 10, 2012
San Diego-based investment firm MG Properties Group has purchased the 168-unit Barham Villas Apartments in San Marcos for $28 million.
The seller was New York-based TGM Associates LP, represented by CB Richard Ellis, according to a Jan. 5 statement from MG Properties Group.
MG President Mark Gleiberman said the purchase will allow the firm to “add value through both asset and operational improvements” while benefiting from “strong market fundamentals” in San Marcos.
Barham Villas is located in the university district of San Marcos, near the growing California State University San Marcos campus. The location will benefit from continued expansion at the university and Barham Drive access to the new Palomar Hospital, said Lane Jorgensen, MG’s investments manager.
The acquisition was financed with a $21.3 million fixed-rate loan from Freddie Mac, arranged by CB Richard Ellis Capital Markets. Since December 2010, MG has participated in nine apartment transactions on the West Coast encompassing 2,081 units and a total value of $267 million, the statement said.
— Lou Hirsh