MG Properties Grows Sacramento Footprint
- Mar 10, 2020
MG Properties Group has purchased Landing at College Square, a 270-unit community in Sacramento, Calif., bringing its local portfolio to nearly 1,000 units. The buyer also assumed the outstanding balance of an existing $41.7 million Freddie Mac loan.
According to Yardi Matrix information, Oakmont Properties sold the Class A asset after three years of ownership. In 2017, Oakmont paid $59 million to developer USA Properties Fund for the newly completed community. CBRE assisted the seller in the current deal and arranged the loan assumption.
Located at 7640 W. Stockton Blvd., Landing at College Square consists of 12 three-story buildings developed on more than 10 acres. The community encompasses one- to three-bedroom floorplans averaging 932 square feet. Amenities include a saltwater pool, fitness center, media room, carport and clubhouse. Yardi Matrix data shows the property was 94.4 percent occupied as of January.
Landing at College Square is adjacent to the city of Elk Grove. Located some 11 miles south of downtown Sacramento near Highway 99, the property is also within walking distance to a light rail station.
CBRE Executive Vice President Marc Ross negotiated the deal on behalf of Oakmont, while Brian Eisendrath and Cameron Chalfant arranged the loan assumption for the buyer. The brokerage duo also secured acquisition financing for another MG Properties purchase, a 240-unit property in Sparks, Nev.