77.9 F
San Diego
Tuesday, Sep 27, 2022
-Advertisement-

Local Firm Buys Two Apartment Communities for $44.5M

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.

- Advertisement -

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

-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-
-Advertisement-