MG Properties Acquires $75M Inland Empire Community
CBRE arranged financing for the 320-unit Santa Rosa Apartments.
By Adina Marcut
Los Angeles—MG Properties Group, a private San Diego-based real estate investor and operator, recently acquired Santa Rosa Apartments, a 320-unit community in Wildomar, Calif., for $74.5 million. The seller, Western National Investments, was represented by Paul Runkle, Eric Chen and Bob Patterson of CBRE. The acquisition was financed with a $46.7 million 10-year-fixed-rate Fannie Mae loan arranged by CBRE’s Brian Eisendrath and Cameron Chalfant.
Santa Rosa Apartments comprises 32 two-story buildings with one-, two- and three-bedroom options averaging 1,000 square feet. Property amenities include a fitness center, two swimming pools, two spas, a clubhouse, a business center and 525 parking spaces. The community was 99.1 percent occupied as of December 2016, according to Yardi Matrix data.
Mark Gleiberman, MGPG’s chief executive officer, describes the acquisition as “a continuation of our strategy to take advantage of low long-term interest rates and economies of scale to generate outstanding cash-on-cash returns for our investors with Class-A properties in secondary markets.”
Santa Rosa marks MG Properties Group’s 13th acquisition in the past 12 months and the company is further targeting acquisitions in Arizona, California, Colorado, Nevada, Oregon, and Washington.
Image courtesy of Yardi Matrix