This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

MG Properties Group Closes Two California Acquisitions Totaling $44.5 Million

SAN DIEGO, Jan. 22, 2013 /PRNewswire/ -- MG Properties Group (MGPG), a private, San Diego-based real estate investor and operator, announced today the acquisition of Terramonte Apartments, a 138-unit multi-family property in Pomona, CA, for $19.25 million, and Waterstone Apartments, a 156-unit multi-family property in Tracy, CA, for $25.25 million.

Terramonte was sold by a San Diego family represented by Margie Malloy of Hendricks & Partners. Waterstone was sold by an affiliate of Fairfield Residential that was represented by Sal Saglimbeni of Marcus & Millichap.

Built in 1963, Terramonte is a desirable value-add investment in a higher-income area of east Los Angeles County. The property is situated near the high-traffic Foothill Boulevard and adjacent to the community of La Verne and within the Claremont School District. The classic low-density community features single-story buildings, townhomes and two swimming pools. Terramonte residents benefit from La Verne and Claremont's high quality of life, convenient amenities, and top-tier medical and university campuses. MGPG plans over $2.5-million of renovations to the community, significantly upgrading unit interiors. The acquisition was financed with a short-term bridge loan from Key Bank, represented by Andrew Lucca. Rob Prouty at Key Bank is originating the permanent take-out financing, which is expected to be closed in early 2013.

Waterstone is a luxury apartment community completed in 2007 by Fairfield Residential. It is the only market-rate, luxury rental property in Tracy built since 2000. The community attracts residents seeking price relief from the nearby San Francisco East Bay markets of Livermore and Pleasanton. Tracy is a growing market linked to the East Bay and a local economy that draws from its intermodal transportation infrastructure and a location that is 60 to 70 miles from the Silicon Valley, San Francisco, Oakland and Sacramento. The acquisition was financed with a Fannie Mae loan originated by Bryan Frazier of Walker & Dunlop.

Mark Gleiberman, MGPG's President, describes the acquisitions as "a continuation of a very successful 2012 raising private capital for apartment investment throughout the West Coast. We are very pleased that we exceeded our goal of $200 million in new investments by closing on $240 million of acquisitions during the year, all funded with private equity sources including 1031 exchange capital, joint ventures with ultra-high net worth families and traditional syndications. Adding over 2,300 units to our portfolio through acquisitions will allow us to expand the capabilities of our integrated management teams to position us for future growth."

Rich Gelbart, MGPG's Vice President of Investor Relations, notes, "Our private capital investor pool is ready for an active 2013 that meets or exceeds 2012. Value-add properties that are core to the history of MGPG and the current yield on secondary-market driven investments are reasons why our partners look to invest with us."

MG Properties Group ( www.mgproperties.com) is a privately owned West Coast real estate owner and operator specializing in multi-housing assets. Over the last 20 years MGPG has acquired 81 communities totaling over 13,700 units, representing more than $1.4 billion in total asset value. The company's current ownership portfolio includes 50 properties totaling over 9,100 units in California, Washington, Arizona and Nevada. The firm also third-pay manages over 700 units for select clients. MGPG employs 300 professionals with in-house expertise in acquisitions and underwriting as well as asset, property, construction and investment management.

Contact:

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,126.12 -36.87 -0.20%
S&P 500 2,120.79 -2.69 -0.13%
NASDAQ 5,097.9760 -8.6170 -0.17%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs