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7/07/21
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MG Properties Group has purchased Victoria Arbors Apartment Homes, a 319-unit suburban, garden-style residential community in Rancho Cucamonga, for $137.6 mil ($431k/unit). The property was sold by Sares Regis Group.
Victoria Arbors Apartment Homes is located at 7922 Day Creek Blvd, north of Foothill Blvd and west of I-15. With its desirable location across from the Victoria Gardens Mall, Victoria Arbors provides ease of access to nearby retail and outdoor leisure activities. The property, boasting a Walk Score of 84, is an ideal home base for employees drawn to the Inland Empire’s booming employment centers, including nearby healthcare and distribution center employers like QVC and Amazon.
Community amenities at Victoria arbors include: controlled-entry access with garages and dedicated parking; state-of-the-art fitness center; relaxing resort-style pool with sundeck and spa; Hub by Amazon: package lockers with 24/7 access to packages; poolside terrace featuring outdoor television, barbecue pavilion and outdoor fireplace; courtyard with outdoor seating and fireplace; resident social lounge; co-working lounge with complimentary Wi-Fi; and fenced dog park with pet watering station.
Individual units at the property include: In-home washer and dryer; air conditioning with programmable thermostat; stainless steel appliances including built-in microwave, refrigerator, and dishwasher; wood-style plank flooring in kitchen and living areas; private balcony or patio; and more.
Sares Regis Multifamily Funds was represented by Berkadia’s Tom Moran, Jr., Derrek Ostrzyzek, Rachel Parsons, and Mike Murphy. The property was financed with a $75 mil mortgage provided by Nuveen Real Estate and arranged by Charles Christensen of Berkadia.
“Victoria Arbors is ideally positioned to benefit from post-pandemic trends, as a walkable suburban community with growing nearby economic opportunity,” Mark Gleiberman, Founder & CEO of MG Properties said. “The Inland Empire continues to be a top-performing market and we are excited to add this asset to our portfolio.”
Further expanding its Southern California portfolio, Victoria Arbors will mark MG Properties Group’s tenth property in the Inland Empire/Temecula Valley, including the acquisition of The District Apartment Homes earlier in 2021. MG Properties Group has purchased 15 communities in the past year totaling over 4,600 units and $1.39 bil in combined value. The company is targeting further acquisitions in California, Washington, Oregon, Arizona, Nevada, Utah, Colorado and Texas.
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