SAN DIEGO, CA – MG Properties Group, a private real estate investor and operator headquartered in San Diego, California, announced the acquisition of Victoria Arbors Apartment Homes from Sares Regis Group for $ 137.6 million. This 319 unit garden-style suburban property is located in the coveted Inland Empire's Rancho Cucamonga town.
With its desirable location across from Victoria Gardens Mall, Victoria Arbors offers easy access to nearby shops and outdoor activities. With a Walk Score of 84 and close proximity to I-15, Victoria Arbors is the ideal base for employees moving to the Inland Empire's booming work centers, including employers in the nearby health and distribution center like QVC and Amazon.
Mark Gleiberman, Founder and CEO of MG Properties, said: “Victoria Arbors is ideally positioned to benefit from post-pandemic trends as a pedestrian-friendly suburban community with growing economic opportunities nearby. The Inland Empire continues to be a performing market and we are excited to add this asset to our portfolio. "
Victoria Arbors continues to expand its portfolio in Southern California and will be MG Properties Group's 10th property in the Inland Empire / Temecula Valley, including the acquisition of The District Apartment Homes in early 2021. MG Properties Group has 15 parishes last year totaling over 4,600 . acquired units and a total value of $ 1.39 billion. The company is seeking additional acquisitions in California, Washington, Oregon, Arizona, Nevada, Utah, Colorado and Texas
The seller, Sares Regis Multifamily Funds, was represented by Tom Moran, Jr., Derrek Ostrzyzek, Rachel Parsons and Mike Murphy of Berkadia as part of the newly formed Institutional Solutions powered by Moran. The property was funded with a $ 75 million mortgage provided by Nuveen Real Estate and arranged by Charles Christensen of Berkadia.
Source: MG property group