SAN DIEGO—MG Properties Group, a private, San Diego-based real estate investor and operator, says it has acquired Terramonte Apartments, a 138-unit multi-family property in Pomona, CA, for $19.25 million, and Waterstone Apartments, a 156-unit multi-family property in Tracy, CA, for $25.25 million.

Terramonte was sold by a San Diego family represented by Margie Malloy of Hendricks & Partners. Waterstone was sold by an affiliate of Fairfield Residential that was represented by Sal Saglimbeni of Marcus & Millichap.

Built in 1963, Terramonte is a desirable value-add investment in a higher-income area of east Los Angeles County. The property is situated near the high-traffic Foothill Boulevard and adjacent to the community of La Verne and within the Claremont School District. The classic low-density community features single-story buildings, townhomes and two swimming pools. Terramonte residents benefit from La Verne and Claremont's high quality of life, convenient amenities, and top-tier medical and university campuses. MGPG plans over $2.5-million of renovations to the community, significantly upgrading unit interiors. The acquisition was financed with a short-term bridge loan from Key Bank, represented by Andrew Lucca. Rob Prouty at Key Bank is originating the permanent take-out financing, which is expected to be closed in early 2013.