MG Properties Group Buys California Apartments for $156M
This transaction marks the fourth largest multifamily sale in Inland Empire history.
MG Properties Group has acquired Artesa at Menifee Town Center for $156 million, or $472,727 per unit. The seller was MBK Rental Living and this marks the fourth largest apartment sale in Inland Empire history.
The 330-unit, Class A apartment community in Meifee, Calif., features 37 two- and three-story walk-up buildings and eight open-concept floorplans. The properties leased up at a pace of more than 40 leases per month in spite of the impact of the pandemic.
The one-, two- and three-bedroom apartments extend in size from 820 to 1,322 square feet. Features and finishes of apartments include nine-foot-high ceilings, built-in linen closets, contemporary lighting, wood-style flooring and oversized walk-in closets. A fenced dog park with pet-watering station is among the common-area amenities.
“The sale of Artesa was extremely well timed into an exceptionally strong market in the Inland Empire,” Craig Jones, president of MBK Rental Living, told Multi-Housing News.
“Thanks to a very professional team at MG and our existing relationship due to our previous work together in the sale of Mitchell Place in Murrieta, there were no challenges. The transaction from start to finish, despite limitations due to COVID, was thoroughly smooth,” he added. “Our community, together with our parent Mitsui & Co. Ltd., values relationships and strives to maintain a reputation of commitment and doing the right thing. MG was a great partner again in this transaction and we’re proud to transition our project into their good hands.”
Menifee is among California’s fastest-growing cities, and is in an area of substantial economic expansion along the Interstate 215 corridor. The apartment community is situated within walking distance of a number of restaurants, retailers and entertainment destinations located at 172-acre Menifee Town Center, in the heart of town.
The area also is home to the Menifee campus of Mt. San Jacinto College, which is among California’s fastest-growing community colleges. Last month, it was announced MG Properties Group acquired a 319-unit Rancho Cucamonga property in June.