MG Properties Strengthens Inland Empire Presence

In a $38 million deal, San Diego-based real estate investor and operator MG Properties Group has expanded its portfolio with the acquisition of a 140-unit multifamily community in Ontario, Calif.

In a $38 million deal, San Diego-based real estate investor and operator MG Properties Group has expanded its portfolio with the acquisition of a 140-unit multifamily community in Ontario, Calif.

Ontario Town Square Townhomes

Ontario Town Square Townhomes

The seller was Artemis Real Estate Partners, which was represented by Paul Runkle and Ray Eldridge of CBRE. Chuck Christensen at Capital One arranged mortgage financing for the acquisition.

The Ontario Town Square Townhomes was built as condominiums in 2009. The property features a variety of two-bedroom luxury townhomes with an average size of 1,500 square feet, two-car attached garages, nine-foot vaulted ceilings, and full-sized washers and dryers. Exterior amenities include a resort-style pool and spa, modern fitness center and lounge.

Residents here also have convenient access to downtown Ontario, and to the region’s multiple job corridors via the nearby 10, 60, and 15 freeways.

“We continue to believe in the potential for economic growth in the Inland Empire, and this property allows us to benefit from strength in either the for-sale or for-rent housing sectors.  With this acquisition, we will have 10 properties totaling over 2,600 units in the Inland Empire, further improving our operational efficiency in the region,” MG Properties Group CEO Mark Gleiberman said in a statement.

The property also marks the company’s eighth acquisition of a multifamily asset in the past year. The transactions total approximately 2,600 units and $370,000,000 in combined purchase price. Further expansions will target Arizona, California, Colorado, Nevada, Oregon, and Washington.