MGPG Buys 456-Unit San Diego-Area Community

Waterleaf is a low-density garden-style property featuring one- and two-bedroom apartment units. CBRE secured a $76 million Fannie Mae acquisition loan.

Waterleaf Apartmens in Vista, Calif.
Waterleaf Apartments in Vista, Calif.

MG Properties Group (MGPG) has bought Waterleaf Apartments, a 456-unit community built in 1985. Ed Rosen and John Chu of Berkadia represented the sellers. A $76.4 million Fannie Mae loan arranged by Brian Eisendrath of CBRE financed the acquisition.

Located at 333 North Emerald Drive in Vista, Calif., the property features one- and two-bedroom apartment units. Waterleaf is a low-density garden-style building, featuring individual washers and dryers. According to Yardi Matrix, the property is 95 percent occupied.

Common area amenities include:

  • two separate clubhouses
  • two fitness centers
  • business center
  • clubhouse
  • tennis court
  • laundry facilities
  • 749 parking spaces
  • two pools and spas
  • two sports courts
  • playgrounds

The new owner intends to improve the interiors.

“Waterleaf is well positioned to capitalize on strong regional employment prospects and will allow us to further scale our operations in the region,” said Mark Gleiberman, CEO of MGPG, in prepared remarks.

Highways 76 and 78, and interstates 15 and 5 are all easily accessible from the property. Camp Pendleton is also nearby.

Two months ago, MG Properties Group bought Bristol at Sunset Apartments, a Las Vegas multifamily community in the submarket of Henderson, Nev., from Kennedy Wilson for $58.3 million. 

Image courtesy of Yardi Matrix