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1/27/15
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San Diego-based MG Properties Group purchased Tuscany Ridge Apartments, a 220-unit multifamily property in Temecula, for $38.85 mil ($177k/unit). The property is located at 41955 Margarita Rd, east of I-15 and north of Rancho California Rd.
Built in 1999, Tuscany Ridge is located within walking distance of restaurants, schools, retail, and major employers. The property is adjacent to the Sage Canyon Apartments, also owned by MG Properties Group.
Units include nine-foot ceilings, full-sized washers and dryers, and a mix of well-designed one, two- and three-bedroom floor plans. The company plans to invest over $3.3 mil in capital improvements to the property, enhancing common area amenities, exteriors and landscaping, and renovating unit interiors.
The acquisition was financed with a 10-year fixed-rate mortgage from Fannie Mae, arranged by Walker & Dunlop. Tuscany Ridge marks MG Properties Group’s fifth acquisition in 2014. The company also acquired California properties in Vallejo, Los Angeles, and Napa, and one property in Tempe, AZ.
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