MG Properties Spends $91M on San Diego Community
The property changed hands 10 years ago for just $1 million less.
MG Properties has picked up the 180-unit Dylan Point Loma Apartments in western San Diego. The asset traded for $91 million, according to Yardi Matrix information. CBRE represented the seller, LaSalle Investment Management, and arranged financing via Fannie Mae.
The property previously sold in 2016 for $90 million or $500,000 per unit, the same data source shows.
Located at 2930 Barnard St., Dylan Point Loma Apartments came online a decade ago and spans 9 acres in a residential area. One-, two- and three-bedroom units are available across 19 buildings, with floorplans averaging 1,134 square feet. Yardi Matrix data shows that 15 units are set aside as affordable.
The units at the pet-friendly community feature garages and private balconies or patios, and shared amenities include a clubhouse, a swimming pool and a spa, a fitness center and a volleyball court. The property is currently under Greystar’s management.
There are a couple of retail options less than half a mile away, with several dining options reachable within walking distance along the W. Point Loma Boulevard. Residents also have access to Ocean Beach some 2 miles to the west and downtown San Diego less than 6 miles to the southeast.
An expanding San Diego portfolio
Dylan Point Loma Apartments is the 10th San Diego multifamily asset in MG Properties’ portfolio, adding up to a total of 3,188 units in this market, Yardi Matrix data shows. Among the company’s most notable properties in the area is Park 12 – The Collection, a 718-unit downtown community acquired last year for $309 million.
Most recently, MG Properties joined forces with Canyon Partners Real Estate for another central San Diego deal, involving a 368-unit community.
