MG Properties Acquires 163-unit Community

MG Properties completes a $28 million acquisition, has $200 million planned for 2012; AEW Capital buys a Portland asset for $55.3 million; and Meridian Capital negotiates financings totaling $29.9 million for properties in New York.

Barham Villas Apartments

San Marcos, Calif.—MG Properties Group has completed the acquisition of Barham Villas Apartments, a 168-unit community located in San Marcos, Calif. The asset was picked up from TGM Associates LP for $28 million. CBRE Group Inc. represented TGM in the transaction. MG Properties represented itself.

“[This purchase] was an exceptional opportunity, allowing us to add value through both asset and operational improvements while benefitting from the extremely strong market fundamentals in San Marcos,” says Mark Gleiberman, president of MG Properties Group. “We are especially pleased to bring this community back under local ownership and management.”

The acquisition was funded with a $21.4 million fixed-rate loan from Freddie Mac that was arranged by CBRE Capital Markets. Barham Villas has a mix of one-, two- and three-bedroom apartments, each with a one-car garage.

MG Properties Group has had a busy year. Since December 2010, the firm has completed nine West Coast transactions encompassing 2,081 units at a value of $267 million. Six of those deals were acquisitions totaling 1,526 units at a value of $188 million. The company should have a busy 2012 as well, as MGPG anticipates closing an additional $200 million in acquisitions within the next 12 months.

AEW Capital Management buys mixed-use property in Portland

Museum Place

Portland, Ore.—AEW Capital Management has purchased Museum Place, a 140-unit Class A asset located in Portland, Ore. The sale was co-brokered by HFO Investment Real Estate and Capital Pacific. The property, which was the first LEED certified mixed-use building in the United States, was purchased for $55.3 million. The seller was Sockeye Museum Place South.

The 2003 built property is anchored by a 48,152-square-foot Safeway. The multifamily portion consists of 140 lofts ranging in size from 560 to 1,330 square feet.

Meridian negotiates $29.9M in financing for New York properties

Brooklyn, N.Y.–Meridian Capital Group LLC announced the following transactions:

-A new mortgage of $3,300,000 was placed by Meridian on a 12-unit, eight-story multifamily building on Flushing Avenue in Brooklyn, N.Y. The loan features a rate of 3.25 percent and a 10-year term. The transaction was negotiated by Isaac Filler.

-Meridian negotiated a new mortgage in the amount of $8,300,000 on a 54-unit, six-story multifamily building on Avenue F in Brooklyn, N.Y. The loan features a rate of 3.75 percent and a five-year term. The transaction was negotiated by David Ostrov.

-A new mortgage of $8,000,000 was placed by Meridian on a 228-unit co-op building on East 86th Street in New York, NY. The loan features a rate of 4.20 percent and a 10-year term. The transaction was negotiated by Steve Geller and Nicoletta Pagnotta.

-Meridian negotiated a new mortgage in the amount of $7,000,000 on a 10,700 square foot commercial condominium on West 75th Street in New York. The loan is interest-only for the full seven-year term and features a rate of 4.00 percent. The transaction was negotiated by Avi Weinstock.

-A new mortgage of $1,870,000 was placed by Meridian on a 31-unit multifamily building on Circuit Road in New Rochelle, N.Y. The loan features a rate of 4.00 percent and a 10-year term. The transaction was negotiated by Allan Lieberman.

-Meridian negotiated a new mortgage in the amount of $1,380,000 on a 24-unit, five-story multifamily building on West 191st Street in New York. The loan features a rate of 3.80 percent and a five-year term. The transaction was negotiated by Judah Hammer.