According to Gleiberman, MGPG was able to overcome “some complex challenges” in structuring the financing for the purchase and “locked in long-term, fixed-rate financing at an attractive interest rate.” The acquisition was financed with a $17.35-million loan from Guggenheim Commercial Real Estate and Pillar Multifamily LLC, arranged by George Elkins Mortgage Banking Co. The balance of the purchase price was provided by MGPG’s private capital group, a pool of high-net-worth investors located primarily in the San Diego region.

“We also benefit from the fact that MGPG has in-house construction and property management capabilities,” Gleiberman continues, “which provides us with real time information about operations and allows us to efficiently manage the renovation process to maximize investment returns.”

The property was sold by Triad Villa Roma LLC, who was represented by Tim Campbell and Jeff Gilson of Pinnacle.

Justin Smith, MGPG senior vice president of investments, points out that the acquisition is consistent with the company’s strategy of “purchasing well-priced assets with strong operational cash flow and the potential to add value through renovation.” He adds that the company is “aggressively pursuing acquisitions of assets with a similar operational profile throughout the western states.” MG Properties Group has acquired 1,138 units with a value of $150 million in the past year and anticipates closing on an additional $200 million in new acquisitions within the next 12 months, adds Smith.