According to Mark Gleiberman, MGPG’s president, the transaction was “a unique opportunity to leverage both MGPG’s operation expertise and historically low long-term financing rates to generate high cash-on-cash returns for our investors based on current operations.”

Justin Smith, SVP of investments for MGPG, referred to the purchase as “an extension of our strategy of acquiring high-quality assets in secondary markets. We see this as a long-term operating business and look forward to applying our management expertise to improve operations and benefit from regional economic growth.”

The new owner plans to make improvements to the properties by addressing deferred maintenance items and upgrading the properties’ exteriors and common areas. MGPG will also focus on staff training at its corporate “MG University” and implementation of systems improvements, including revenue management, to enhance operational efficiencies in each of the properties.

MGPG has completed 14 multifamily property acquisitions totaling 3,391 units valuing more than $380 since December 2010. The firm expects to close an additional $200 million in new acquisitions within the next 12 months.

As GlobeSt.com previously tweeted about on @GlobeStcom on Twitter and @GlobeStLIVE and reported, in July MGPG completed two multifamily acquisitions in Temecula and Daly City, CA. The purchases total $58 million.