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SACRAMENTO NEWS
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MG Properties Spends $65 Mil on Sacramento Multifamily Property

3/13/20

Landing at College Square, a 270-unit multifamily property in Sacramento, was purchased for $64.75 mil ($240k/unit) by MG Properties, out of San Diego. The property, located at 7640 West Stockton Way, was sold by Oakmont Properties from San Rafael.

The Class A property, built in 2017, is located adjacent to the city of Elk Grove and sits within six miles of a high-profile tech company as well as a few miles away from a handful of prominent healthcare employers. Landing at College Square is close to I-99, I-5, I-80 and Highway 50, with regional transit located a half mile away.

CBRE’s Marc Ross represented the seller in the deal, which closed Feb. 27. Brian Eisendrath and Cameron Chalfant, also with CBRE, coordinated MG Properties Group’s assumption of the existing Freddie Mac loan.

“Landing at College Square offers MG Properties a suburban newer construction opportunity located near major employers and multiple transit options at pricing below replacement costs,” stated Ross.

According to CBRE’s U.S. Multifamily Figures Q4 2019 report, Sacramento reported one of the nation’s highest gains in multifamily rent growth with 4.8% annual growth year-over-year.





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