Search
 

MG Properties Sells Another Multifamily Complex

SAN DIEGO-The locally based real estate firm sells 55th Street Community for $4.2 million. The new buyer, Fifty Fifth Coastal LLC, plans to renovate the units while completing a condo conversion on the site.

By Daniel D. Williams | Updated on May 22, 2005

SAN DIEGO-Locally based MG Properties has been an active player in the apartment market of late, shedding San Diego County properties, with plans to build its portfolio outside of Southern California. In the most recent deal, the real estate firm has sold 55th Street Community for $4.2 million. MG Properties, working as 55th Street Apartments LP, sold the site to Fifty Fifth Coastal LLC. Built in 1991, the property counts 25 units, with six one-bedroom/one-bathroom and 19 two-bedroom/two-bathroom units. The units are located in a three-story building and range from 604 sf to 884 sf. There is a tentative approved condo map on the site and the new owner plans extensive renovations on the site while pushing the project through the various hurdles on the condo map. For MG Properties, the proceeds of the sale will be used for an exchange buy in the San Francisco Bay area on an $8.7-million property.It’s the second recent sell of a Southern California property that MG Properties will roll into a Bay Area buy. Earlier this month, the firm sold Woodlands Townhome Apartments for $21.8 million. In that deal, MG Woodlands Townhomes LP, a limited partnership established and controlled by MG Properties, sold the complex to Broadway Coastal LLC and North Coastal LLC. In that deal, the firm will roll $20 million of the proceeds into an apartment community in the Bay area.According to a company report, MG Properties 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 5,800 units.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.