MG Properties, Rockwood Capital Buy $185M San Diego Asset
In 2018, the community traded for $132 million.
Domain San Diego. Image courtesy of MG Properties
A joint venture between MG Properties and Rockwood Capital has acquired Domain San Diego, a 379-unit multifamily community in San Diego. Magnolia Capital sold the asset for $184.6 million, with the assistance of Eastdil Secured. The property previously changed hands in 2018, when Essex Property Trust sold it for $132 million, according to Yardi Matrix data.
MG’s current portfolio comprises more than 28,000 rental apartments in California, Washington, Arizona, Nevada, Colorado and Oregon. The firm recently added to its Golden State footprint with the acquisition of a 551-unit multifamily community in San Jose, in partnership with Oaktree Capital.
A Kearny Mesa community
Completed in 2012, Domain San Diego encompasses two buildings with studio, one- and two-bedroom floorplans ranging between 598 and 1,309 square feet, Yardi Matrix shows. Common-area amenities include a clubhouse, fitness center, spa, business center and swimming pool.
All apartments have washers and dryers, stainless steel appliances, walk-in closets and private balconies or patios. MG Properties President Jeff Gleiberman said, in prepared remarks, that the company plans to renovate the property’s remaining classic units and further improve the community.
Domain San Diego is located at 8798 Spectrum Center Blvd., near Freeway 163 in the Kearny Mesa submarket, having many dining options, retail centers and entertainment venues nearby. Kaiser Permanente San Diego Medical Center and Rady Children’s Hospital are within a 3-mile radius.
Eastdil’s Joseph Smolen, Mark Peterson, Eugene Chong, Jonathan Merhaut and Geoff Boler represented the seller.
