MG Properties Buys San Diego County Apartments for $45M

Built in 1981, the community features one-, two- and three-bedroom units.

Canyon VillasChula Vista, Calif.—MG Properties has acquired Canyon Villa, a 183-unit multifamily property located in Chula Vista, Calif. The San Diego-based investor paid San Francisco-based Jackson Square Properties $45.5 million for the property.

Built in 1981, the apartment community at 601 Telegraph Canyon Rd. features one-, two- and three-bedroom units. Each residence has kitchens with upgraded appliances, large closets, wood-burning fireplaces and a full-sized washer/dryer. Common amenities include a pool and spa, fitness center, fire pit and an outdoor barbeque area.

Canyon Villa also has the distinction of being pet-friendly, with a dog park on site. The property is also within walking distance to the Canyon Plaza Shopping Center.

The sale reflected a price-per-unit of more than $248,600. Berkadia Real Estate Advisors managing directors Ed Rosen and John Chu and directors Kyle Pinkalla and Erin Dammen facilitated the sale. “In a very competitive sphere of buyers, MG Properties stood out as a buyer for this asset,” said Rosen.

Chula Vista, south of the city of San Diego in San Diego County, is a fast-growing part of southern California. As recently as 2000, the Census Bureau put the city’s population at 173,500. In 2015, its estimated population was more than 265,000.

You May Also Like