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7/11/12
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San Diego-based MG Properties Group (MGPG) recently closed on the acquisitions of two CA multifamily properties, one in Temecula and the other in Daly City. The assets contain a total of 416 units and sold for a combined price of just over $58 mil.
In Temecula, MGPG purchased Sage Canyon Apartments, a 344-unit multi-family property in the city’s downtown area, for $38 mil ($110.5k/unit). The seller was the Bascom Group LLC, out of Irvine.
Built in 1988, the property consists entirely of two- and three-bedroom units and features extensive common area amenities and park-like grounds. Sage Canyon is a short walk from the Temecula Town Center shopping mall, the YMCA, and local sports parks and other recreational amenities. Temecula Elementary School is steps away across Moraga Rd, and other Temecula schools are within easy walking distance. Sage Canyon is located near the I-15 freeway corridor, offering quick access to employment centers in San Diego, Riverside and Orange counties.
The acquisition was financed with a $30.85 mil, 10-year, fixed-rate mortgage from KeyBank, with funding provided by Fannie Mae. The seller was represented by Paul Runkle of CBRE.
Mark Gleiberman, MGPG’s President, describes the acquisition as “a continuation of our strategy to take advantage of record low long-term interest rates to generate outstanding cash-on-cash returns for our investors with high-quality properties in secondary markets.”
The company also acquired Pacific Place Apartments, a 72-unit, mixed-use, multi-family and retail property in Daly City, for $20.35 mil. The seller was an affiliate of Pacifica Companies, an active, privately held investment group based out of San Diego. Pacifica Companies purchased the property and leased up the apartments prior to the sale to MGPG.
Built in 2009 as condominiums, the five-story property features luxury appointments in one- and two-bedroom flats and townhomes with expansive San Francisco Bay views from many units and the roof-top deck. Three commercial spaces in the building totaling over 11k sf and were vacant at the time of purchase. The property offers secure garage parking for all residents. Pacific Place is located in an emerging Daly City location that provides residents with easy access to employment in the city of San Francisco or throughout the Peninsula via car or public transit.
The acquisition was financed with a $15.1 mil, 10-year, fixed-rate mortgage from CW Capital, with funding provided by Freddie Mac. The seller was represented by Craig Chiappone at Apartment Realty Advisors.
MGPG plans to make improvements to both properties’ exteriors and common areas to upgrade their curb appeal and improve the living experience for residents.
Since December 2010, the company has completed 10 apartment acquisitions totaling 2,200 units at a value of $300 mil. MGPG anticipates closing an additional $200 mil in acquisitions within the next 12 months.
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