Waterleaf Apartments in Vista have been bought by MG Properties Group for $117.5 million.
Apartments in the 456-unit complex range in size from 740 square feet for one-bedroom, one bathroom units to 940 square feet for two-bedroom, two-bathroom apartments. Every apartment has full-size washers and dryers.
The complex at 333 Emerald Drive includes two clubhouses, two pools and spas, a business center, a fitness center, two sports courts and playgrounds.
The acquisition was financed with a $76.4 million Fannie Mae loan arranged by Brian Eisendrath of CBRE.
Ed Rosen and John Chu of Berkadia represented the sellers, whose names weren’t disclosed.
“We are pleased to grow our existing San Diego portfolio, particularly in the North County region,” said Mark Gleiberman, MG Properties CEO. “Waterleaf is well-positioned to capitalize on strong regional employment prospects and will allow us to further scale our operations in the region.”
The company plans to continue an interior renovation program in progress and enhance common area amenities.
MG Properties Group is a privately owned West Coast real estate owner and operator specializing in multi-family housing.
Waterleaf Apartments in Vista
-- Photo courtesy of MGProperties Group