MG Properties Buys 2 Los Angeles Communities for $140M
- Aug 15, 2019
MG Properties Group has acquired two multifamily communities in the San Fernando Valley area of Los Angeles totaling 397 units for a combined price of $139.5 million. The private real estate investor and operator announced that it has picked up the properties in Canoga Park and Northridge, Calif., from the same seller. Yardi Matrix data indicates that the assets were previously owned by Western National Investments.
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The Enclave at Warner Center, located at 6710 Variel Ave. in Canoga Park, has 195 units and sold for $69.3 million. Built in 2010, the one-building property sits on a 3.4-acre site in the Warner Center and Woodland Hills neighborhood. Community amenities include a swimming pool and spa, clubhouse with kitchen, open kitchens and breakfast bars. Units, ranging in size from studios to two bedrooms, come with washers and dryers and custom wood cabinetry.
Meridian Place Apartment Homes is located at 9423 Reseda Blvd. in Northridge, across the street from Cal State University Northridge. The 202-unit community built in 2008 changed hands for $70.3 million. The one-building property on a 2.2-acre site consists of one- and two-bedroom units and includes a fitness center, clubhouse, pool and spa.
MG Properties said in a statement that it plans to enhance the unit interiors and upgrade the common area amenities of both assets. The seller was represented by different brokerage teams for each property. Greg Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors arranged the sale of the Enclave at Warner Center, while Sean Deasy and Blake Rogers of JLL arranged the deal for Meridian Place Apartment Homes. CBRE financed the acquisitions.
MG Properties has purchased 16 assets over the past year, totaling more than 3,900 units with a combined value of more than $1 billion.