San Diego—MG Properties Group, a San Diego-based real estate investor and operator, announced the acquisition of Tuscany Ridge Apartments in Temecula, Calif. The 220 unit-luxury apartments sold for $38.85 million from an institutional investor. The loan for the acquisition is being financed by a 10-year fixed-rate mortgage from Fannie Mae, and arranged by Walker & Dunlop. This is the fifth acquisition for MG properties in 2014.
Located at 41955 Margarita Road, the property is centrally located within walking distance of restaurants, schools and retail. Available units include 9-foot ceilings and full-sized washer and dryers. Tuscany Ridge also offers a mix of one-, two- and three-bedroom floor plans. Amenities include a business center, fitness facility, swimming pool and club house.
MG Properties has already developed plans to invest over $3.3 million in capital investments into upgrading Tuscany Ridge. This plan will enhance the community’s common area amenities as well as improve the property’s exteriors and landscaping. Moreover, the plan includes a renovation for unit interiors.
“We are optimistic about Southern California’s growth prospects as it continues to feel the impact of the economic recovery. Temecula in particular is well positioned to benefit from growth, drawing on its central location and strong residential quality of life,” says Paul Kasebug, vice president of investments at MG Properties Group.
In addition to Tuscany Ridge, MG Properties also acquired other California properties in Vallejo, Los Angeles and Napa, as well as one property in Tempe, Ariz. This brings the total acquisition of units to 1,000 units and approximately $150 million in combined purchase price.