MG Properties Group based in Sorrento Valley has acquired a Sacramento apartment complex for an undisclosed price.
The seller was Oakmont.
Built in 2016, Landing at College Square has 270 apartments.
Marc Ross of CBRE represented the seller.
MG Properties assumed an existing Freddie Mac Loan in a transaction coordinated by Brian Eisendrath and Cameron Chalfant of CBRE.
“We’re excited to be acquiring a newly built apartment community at a basis we believe to be below replacement cost in a market with solid rental momentum, said MG Properties CEO Mark Gleiberman. “Landing at College Square leverages our growing management platform in Sacramento, creating further operational efficiencies.”
MG Properties Group has bought 11 apartment complexes in the past 12 months totaling with more than 6,700 apartments and a combined value of more than $880 million.
Real estate reporter Ray Huard may be reached at firstname.lastname@example.org or 858-277-8904.