|
|
10/03/12
|
MG Properties Group (MGPG) just closed on the acquisition of a four-property portfolio totaling 1,190 units in Lancaster, CA. The properties – Cordova Park (416 units), Granada Villas (320 units), Sienna Heights (314 units), and Woodlands West (140 units) – were purchased for $91.75 mil ($77k/unit) from a private seller.
Granada Villas, Lancaster |
 |
|
The properties, built between 1984 and 1990, are located along the I-14 Fwy, within close proximity of retail amenities, public recreation facilities, and Lancaster’s recently redeveloped BLVD district, featuring restaurants, retail and cinemas. Each property offers a unique unit mix and different locational attributes to appeal to a wide variety of residents.
MGPG plans to make the communities more desirable and decrease turnover by addressing deferred maintenance items and performing improvements to the properties’ exteriors and common areas. The company also will focus on staff training at its corporate “MG University” and implementation of systems improvements, including revenue management, to enhance operational efficiency.
Greg Harris, Ron Harris, Kevin Green and Joseph Smolen of Institutional Property Advisors (IPA) repped the seller. MGPG, based out of San Diego, represented itself in the transaction. The acquisitions were financed separately with $75.60 mil in 10-year, fixed-rate debt provided by Rob Prouty at KeyBank Real Estate Capital and Fannie Mae.
Since December 2010, MGPG has completed 14 multifamily property acquisitions totaling 3,391 units at a value of more than $380 mil. MGPG anticipates closing an additional $200 million in new acquisitions within the next 12 months.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
