MG Properties Expands Southern California Footprint
Institutional Property Advisors arranged the sale of the recently completed community.
MG Properties has acquired Evolve South Bay, a 300-unit Class A community in Carson, Calif., from MBK Rental Living. Freddie Mac provided the financing, and the sale was arranged by Executive Managing Director Brian Eisendrath and Senior Managing Director Cameron Chalfant of Institutional Property Advisors.
This is the third transaction between the two companies. In November 2021, MG Properties also acquired a 330-unit community in the fast-growing city of Menifee, Calif., for $156 million.
Opened in 2020 and spanning roughly 12 acres, Evolve South Bay is a three-story community that encompasses one-, two- and three-bedroom apartments, with 11 floorplans ranging from 735 square feet to 1,325 square feet. Common-area amenities include a clubhouse, a swimming pool, a barbecue area, and outdoor media lounge, a fitness studio, outdoor fireplaces, a playground, private offices and conference rooms, among others.
Located at 285 E. Del Amo Blvd., the property is approximately 15 miles from downtown Los Angeles, with easy access to interstates 405, 110 and 710. Dining and retail options are available nearby, along East Del Amo and Avalon boulevards. Los Angeles International Airport is 15 miles away.
Evolve South Bay is MG Properties’ 15th acquisition in the region. Earlier this year, the company bought a 215-unit community in Placentia, Calif.