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Multifamily Property Fetches $21M

ESCONDIDO, CA-The 112-unit Woodlands Townhome Apartments will be converted to condos after extensive renovation work. Built in 1973, the property consists of two-, three- and four-bedroom units.

By Daniel D. Williams | Updated on May 17, 2005

ESCONDIDO, CA-Investment for multifamily properties continues its healthy trend in San Diego County, particularly for apartment complexes earmarked for condo conversions. In the latest deal, the Woodlands Townhome Apartments sold for $21.8 million. MG Woodlands Townhomes LP, a limited partnership established and controlled by San Diego-based MG Properties, sold the complex to Broadway Coastal LLC and North Coastal LLC. Lou Bulte of Coldwell Banker represented all parties in the deal. The property has a final approved condominium map and MG Properties will soon begin work on extensive rehabbing before offering the units for sale. Built in 1973, the Woodlands includes 112 two-, three- and four-bedroom units. Those units are located in 23 buildings and range from 916 sf to 1,510 sf. The property offers both one-story flats and two-story townhome units. Amenities include fenced yards, garages, a pool, hilltop spa, fitness center and tot lot.Located at 1433 N. Broadway, the property was acquired in September 2000 for $8.3 million and the sale of the Woodlands is part of MG Properties’ plan to acquire additional properties outside of Southern California. The firm will roll $20 million of the proceeds into an apartment community in the San Francisco Bay area. According to MG Properties officials, the remaining $1.8 million will be allocated for another unidentified property acquisition.According to a company report, the company has a “strategy to expand outside of its Southern California base to diversify its apartment holdings and redeploy equity from dispositions while deferring taxes on the gains.” In all, MG Properties has acquired over 3,300 units in the last three years. Its portfolio now tops 6,000 units.

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