Multifamily Portfolio in Lancaster is Acquired by MG Property Group
- Oct 12, 2012
A Lancaster, CA multifamily portfolio was recently acquired by real estate company MG Properties Group from an unnamed seller. The San Diego-based company paid approximately 91.75 million for the four residential communities. The properties comprising the portfolio are Cordova Park, Granada Villas, Sienna Heights and Woodlands West, all of them located in the city of Lancaster.
Cordova Park is a 416-unit residential community offering residents outdoor swimming pools, a spa facility, fitness center and landscaping. The apartments located at 43530 Gadsden Avenue offer in-unit amenities such as wall wardrobe closets, patios and private balconies, as well as storage space, gourmet gas range ovens and greenhouse windows. The Granada Villas complex offers 320 units that have been renovated. A controlled entry system ensures secure resident access, while the basketball court, playing area and two pools and spas contribute to the overall ambiance of the community. The newly renovated units feature new kitchen appliances including an oven, a refrigerator, microwave, dishwasher and stove.
Sienna Heights Apartment Homes and Townhomes is at 43519 Kirkland Avenue in Lancaster. The 314 units located just north of Palmdale have easy access to the I-14 Freeway, making it similar to all of the other properties included in this transaction. High-end amenities coupled with reasonable rates make this property one of the most attractive in Lancaster. The fourth property in MG Properties Group’s new portfolio—the 140-unit Woodlands West Townhomes Apartments—is at 2237 West Avenue J-8. Also recently renovated, the apartments feature new carpeting and flooring, as well as increased space and new appliances.
The per-unit rate that MG paid for the 1,190 units comes in at about $77,000. Regarding multifamily sales trends in Los Angeles County, data from Marcus & Millichap Real Estate Investment Services shows that 2012 is set to improve on a 2011 that proved much stronger than 2010, marking a return to rates the area hasn’t seen since 2008.
Photo courtesy of cordovaparkapartments.com
Chart courtesy of Marcus & Millichap Real Estate Investment Services at marcusmillichap.com