SAN DIEGO, CA – MG Properties Group, a private real estate investor and operator based in San Diego, continues to expand its presence in the Inland Empire and announces the acquisition of The District Apartment Homes. MG Properties Group, formerly known as The District at Grand Terrace, acquired the property from Tower 16 Capital Partners for $ 88,000,000.
"We are excited to continue expanding our long-term presence in the Inland Empire, a market that offers great opportunity because of its economic growth, affordability and convenience," said Mark Gleiberman, Founder and CEO of MG Properties Group.
The District Apartment Homes are a "B" class residential community built in Colton, CA in 1980 and 1986 in two phases. The Inland Empire is experiencing strong rental demand driven by logistical and health concerns. The property is a value-adding opportunity to significantly improve the interiors of units in a market where there is high demand for clean and affordable housing. MG Properties Group owns and manages 7 other residential communities in the Inland Empire and can improve management through economies of scale.
MG Properties Group has purchased 7 parishes in the past 12 months. These acquisitions totaled over 2,100 units and were valued at $ 700 million. The company is seeking additional acquisitions in Washington, Oregon, Arizona, California, Colorado and Nevada.
The seller was represented by Christopher Zorbas, Alex Garcia and Tyler Martin from IPA. The property was funded with a $ 57,200,000 10 year fixed rate loan arranged by Brian Eisendrath and Cameron Chalfant of CBRE.
Source: MG Properties Group