MG Properties Further Expands Bay Area Footprint
The company’s 19th purchase this year is a 168-unit class B community in Martinez, Calif.
Maris at Martinez. Image by Marcell Puzsar/BrightroomSF via MG Properties Group
MG Properties Group has bought the 168-unit Maris at Martinez in Martinez, Calif. According to Yardi Matrix, Pacific Urban Investors is the former owner of the asset. IPA brokered the transaction on behalf of the seller, while Walker & Dunlop arranged acquisition financing for the buyer.
Formerly known as Terra Martinez and Hidden Creek, the community last traded in early 2019, when the now-seller acquired it for $47.5 million, using a $40 million loan originated by Prudential Financial.
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Built in 1985, the 10-building community features a mix of one- and two-bedroom units, ranging from 670 square feet to 903 square feet, according to the same data provider. Amenities include three laundry facilities and 650 parking spaces.
Located at 142 Fig Tree Lane, the class B property is just off State Route 4, providing easy access to several entertainment, dining and retail centers across the Bay Area. Kaiser Permanente Martinez Medical Offices, a Walmart store and a good number of quick-service restaurants are available 1 mile west of the community.
A busy year
Maris at Martinez marks the 19th acquisition this year for MG Properties Group. The combined value of the company’s purchases in 2021 exceeds $1.6 billion. This summer, MG Properties purchased Artesa at Menifee Town Center in Menifee, Calif., in a deal that marked the fourth largest apartment sale in Inland Empire history—$156 million. Prior to that, the company bought Victoria Arbors Apartment Homes, a 319-unit garden-style multifamily community in Rancho Cucamonga, Calif., for $137.6 million.
MG Properties is also active outside of California, targeting further purchases in other western states such as Arizona, Oregon, Nevada, Utah and Colorado, as well as in Texas.
Salvatore Saglimbeni, Stanford Jones, Philip Saglimbeni and Alexander Tartaglia formed the IPA team that brokered the Maris at Martinez sale. Bryan Frazier, Andrew Schoene and Blake Hockenbury of Walker & Dunlop arranged the mortgage financing. The funds were provided by institutional investors advised by JP Morgan Asset Management.
