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2/06/25
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MG Properties recently completed its purchase of Park 12 Apartments, a 718-unit, 35-story high-rise residential community in downtown San Diego, in a $309 mil transaction. The property was sold by Greystar.
The acquisition consists of a 35-story tower with 438 res units at 100 Park Plaza and a six-story podium with 280 res units at 101 and 201 Park Blvd. The property also includes 43k sf of retail space.
We’re told this is the largest apartment acquisition in San Diego since 2020, and the third largest apartment acquisition in San Diego history.
Built in 2018, Park 12 is located in the Ballpark Village masterplan adjacent to Petco Park, home of the San Diego Padres. The property features panoramic stadium, bay and city views of Downtown San Diego along with on-site restaurants, brewery, and café. With a 97/100 Walkscore, residents have access to The Gaslamp Quarter and the highest concentration of restaurants and retail in the city.
"As a San Diego-based company, we are very familiar with the dynamics of the city and believe it has tremendous opportunity for growth in the coming years." said Jeff Gleiberman, President of MG Properties. "We believe this is an exceptional opportunity to acquire one of San Diego’s most iconic properties. This investment is consistent with our strategy of making long-term investments in high quality properties.”
With this acquisition, MG has added 18 properties to their portfolio over the past twelve months, totaling over $2.1 bil. Greystar was represented by Geoff Boler and Joseph Smolen with Eastdil Secured. Financing for the transaction was provided by Fannie Mae and arranged by Greg Stampley and Lee Redmond, also with Eastdil Secured.
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