MG Properties Buys 4 Apartment Communities for $80 MillionMonday, April 21, 2014
San Diego-based MG Properties Group has purchased four California apartment properties totaling 770 units, for a total of more than $80 million.
Officials said the properties are the 300-unit Stoneridge in Upland; the 48-unit Terramonte at La Verne; the 186-unit Sterling Village in the north bay city of Vallejo; and the 236-unit Marquee in North Hollywood.
Stoneridge was purchased from an affiliate of Sares Regis, and Terramonte was acquired from Sussex Capital Group LLC. The Marquee was purchased from Citrus Asset Management Inc., and Sterling Village was acquired from an undisclosed institutional real estate investment group.
MG plans extensive renovations of the Upland and La Verne properties.
Officials said the privately held MG Properties Group is focused on multifamily assets and has completed 21 apartment acquisitions totaling more than $630 million since December 2010. The firm anticipates closing on $250 million in acquisitions within the next 12 months.
Founded in 1992, the company has a current portfolio totaling more than 10,000 units in four states.