Jan. 22, 2013
MG Properties Group
(MGPG), a private,
-based real estate investor and operator, announced today the acquisition of Terramonte Apartments, a 138-unit multi-family property in
, and Waterstone Apartments, a 156-unit multi-family property in
Terramonte was sold by a
family represented by
of Hendricks & Partners. Waterstone was sold by an affiliate of Fairfield Residential that was represented by
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
and within the
School District. The classic low-density community features single-story buildings, townhomes and two swimming pools. Terramonte residents benefit from
's high quality of life, convenient amenities, and top-tier medical and university campuses. MGPG plans over
of renovations to the community, significantly upgrading unit interiors. The acquisition was financed with a short-term bridge loan from Key Bank, represented by
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
built since 2000. The community attracts residents seeking price relief from the nearby San Francisco East Bay markets of
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,
. The acquisition was financed with a Fannie Mae loan originated by
of Walker & Dunlop.
, 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
in new investments by closing on
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."
, 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 (
) 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
in total asset value. The company's current ownership portfolio includes 50 properties totaling over 9,100 units in
. 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.