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11/02/21
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MG Properties Group purchased Artesa at Menifee Town Center, a new 330-unit, Class A apartment community in the Inland Empire city of Menifee. The deal, said to be the fourth largest apartment sale ever in the Inland Empire, had a price tag of $156 mil, which works out to $472.7k per unit.
Opened in February 2020, the 15-acre, best-in-class apartment community consists of 37 two- and three-story walk-up buildings with eight open-concept floor plans. The one-, two- and three-bedroom residences range from 820 sf to 1.3k sf in size. The property was sold by MBK Rental Living.
The community, designed with a multitude of common area amenities, provides urban-style living in a walkable, small-town setting. Artesa is located in one of the fastest growing cities in California and is strategically positioned along the Interstate 215 corridor, an area of significant economic expansion, including the new Menifee Justice Center, which is scheduled to start construction this month. It is also located within walking distance to plentiful shopping, dining and entertainment options at the 172-acre Menifee Town Center in the heart of the city.
The property is in close proximity to the newly opened Center Pointe Shopping Center and Menifee Lakes Plaza, and to the surrounding Temecula Valley, which includes additional shopping and award-winning wineries. The area is also home to Mt. San Jacinto College’s Menifee campus, one of California’s fastest growing community colleges.
“Artesa at Menifee Town Center was a record-breaking lease up for MBK, both in terms of leasing velocity and rent growth, showing the strength of rental demand in this dynamic market,” commented said Craig Jones, president of MBK Rental Living. “It also marks the second significant transaction within the last two years between MG and MBK in Southwest Riverside County, following the sale of Mitchell Place in nearby Murrieta.”
Rachel Parsons and Derrek Ostrzyzek of Berkadia brokered the sale on behalf of MBK Rental Living. Financing was provided by funds managed by an affiliate of Apollo Global Management Inc and arranged by Cameron Chalfante at CBRE.
Further expanding its Southern California presence, Artesa at Menifee Town Center will mark MG Properties Group’s 11th property in the Inland Empire. MG Properties Group has purchased 19 communities in the last year for the company overall – totaling over $1.75 bil in combined value. The company is targeting further acquisitions in California, Washington, Oregon, Arizona, Nevada, Utah, Colorado and Texas.
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