Local Firm Buys Two Apartment Communities for $44.5MThursday, January 24, 2013
San Diego-based MG Properties Group has purchased two California apartment communities, totaling 294 units, for a total of $44.5 million.
The 156-unit Waterstone Apartments in Tracy, located in San Joaquin County, was acquired for $25.25 million, and the 138-unit Terramonte Apartments in Pomona, in eastern Los Angeles County, was purchased for $19.25 million, according to a statement from the privately held investment firm.
Terramonte, built in 1963, was sold by a San Diego family represented by Hendricks & Partners. Waterstone was completed in 2007 and sold by an affiliate of its original developer, Fairfield Residential, represented by Marcus & Millichap.
Company President Mark Gleiberman said MG Properties Group closed on $240 million in apartment investments during 2012, all funded through private equity sources, exceeding its goal for the year. The company anticipates similar acquisition activity in 2013.
MG Properties Group currently owns 50 multifamily properties in four states, totaling more than 9,100 units, and also manages more than 700 units for third-party clients.
— SDBJ Staff Report