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SAN DIEGO—MG Properties Group, a private San Diego-based real estate investor and operator, has acquired of two multifamily properties for $50 million. The 376-unit Garden Grove Apartments is located in Tempe, AZ, and the 72-unit Bella Vista Apartments is located in Napa, CA.
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“Both acquisitions leverage our existing management platform, creating operational efficiencies and allowing us to scale our portfolio in high-quality markets with strong growth potential.” according to Mark Gleiberman, MG Properties Group's president.
Built in 1988, Garden Grove Apartments is an upgraded, conveniently located infill property in south Tempe, with easy access to the I-10 freeway and surrounded by a variety of retail amenities. MG Properties Group plans to invest nearly $1.5 million in capital improvements and plans to enhance the property's common area amenities to improve the ambiance for current and prospective residents, including performing landscaping improvements and upgrading the fitness facility and pools.
According to the firm, the improvements will capitalize on the strong market conditions in Phoenix. Garden Grove Apartments was purchased for $35.6 million from MetLife Inc. The acquisition was financed with a 10-year fixed-rate mortgage from Fannie Mae, arranged by CBRE.
Built in 1972, Bella Vista Apartments is a well-maintained and conveniently located property in central Napa. MG Properties Group plans to invest approximately $500,000 in capital improvements.
The property's central location is one block from the Queen of the Valley Medical Center, near the CA-29 highway, and convenient to commercial and retail centers.
Bella Vista was purchased for $14.075 million from Trinity Real Estate. The acquisition was financed with a 10-year fixed-rate mortgage from Fannie Mae, arranged by Key Bank.
According to Rob Singh, MG Properties Group Chief Investment Officer, “both properties are in strong sub-markets and therefore should benefit from long-term rental rate growth.”
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
