MG Properties of San Diego has acquired a 416-unit apartment complex in San Marcos for an undisclosed price.
The seller of MARC Apartments at 1045 Armorlite Drive also was not disclosed.
Apartments in the 380,000 square-foot complex average 902 square feet.
The complex includes two pools and spas with private cabanas, outdoor entertainment areas with televisions and fireplaces, two fitness centers, two clubhouses and on-site retail.
Mary Ann King, Mike Murphy and Derek Ostryzyek of Moran & Company represented the seller.
Financing was arranged by Brian Eisendrath and Cameron Chalfant of CBRE.
“We have a unique understanding of this property and submarket due to our management of 1,600 units in North County, San Diego, including MARC’s direct competitors,” said Mark Gleiberman, CEO of MG Properties. “We believe MARC is an excellent fit for the long-term income-oriented strategy we pursue with our private investors and are pleased to further add to our portfolio in San Diego.”