MG Properties Buys San Diego County Apartments for $45M
- Dec 27, 2016
Chula Vista, Calif.—MG Properties has acquired Canyon Villa, a 183-unit multifamily property located in Chula Vista, Calif. The San Diego-based investor paid San Francisco-based Jackson Square Properties $45.5 million for the property.
Built in 1981, the apartment community at 601 Telegraph Canyon Rd. features one-, two- and three-bedroom units. Each residence has kitchens with upgraded appliances, large closets, wood-burning fireplaces and a full-sized washer/dryer. Common amenities include a pool and spa, fitness center, fire pit and an outdoor barbeque area.
Canyon Villa also has the distinction of being pet-friendly, with a dog park on site. The property is also within walking distance to the Canyon Plaza Shopping Center.
The sale reflected a price-per-unit of more than $248,600. Berkadia Real Estate Advisors managing directors Ed Rosen and John Chu and directors Kyle Pinkalla and Erin Dammen facilitated the sale. “In a very competitive sphere of buyers, MG Properties stood out as a buyer for this asset,” said Rosen.
Chula Vista, south of the city of San Diego in San Diego County, is a fast-growing part of southern California. As recently as 2000, the Census Bureau put the city’s population at 173,500. In 2015, its estimated population was more than 265,000.