MG Properties Makes $78M Luxury Purchase
- Oct 26, 2020
MG Properties Group has acquired Mitchell Place, a 230-unit luxury community in Murrieta, Calif., from MBK Rental Living, in one of the largest multifamily transactions in the Inland Empire this year. The Class A property traded for $78.3 million, and the buyer financed the purchase with a $50.9 million Fannie Mae loan, according to public records. Berkadia negotiated on behalf of the seller and provided the financing.
Situated on almost 12 acres at 35995 Mitchell Road, the community consists of 31 buildings completed in 2019. The property’s units range from one- to three-bedroom apartments and townhomes with floorplans between 787 and 1,409 square feet. Amenities include a swimming pool, outdoor lounge, fitness center and clubhouse with full kitchen. Units are equipped with programmable thermostats and washer/dryers.
The property is 5 miles northeast of downtown Murrieta, just west of Interstate 215. There are several shopping and dining options within a 1-mile radius, and two large shopping malls are roughly 3 miles south.
Berkadia’s John Chu, Ed Rosen and Tyler Sinks arranged the sale on behalf of MBK. Charles Christensen secured the acquisition loan.
During the last 12 months, MG Properties Group has purchased eight communities totaling more than 2,400 units. In March, the company acquired a 270-unit community in Sacramento, Calif., for $64.8 million, according to Yardi Matrix.