MG Properties has acquired five properties totaling more than 1,000 units and $150 Million in the past 12 months.
Temecula, Calif. – January 16, 2015 – (RealEstateRama) — MG Properties Group, a private San Diego-based real estate investor and operator, has announced the acquisition of the Tuscany Ridge Apartments in Temecula, California.
According to Rob Singh, MG Properties Group Chief Investment Officer “Due to its high quality modern design and construction, Tuscany Ridge is an ideal candidate for a value-add repositioning strategy. Given the opportunity for growth in the Inland Empire and its proximity to our existing portfolio, this is an excellent strategic fit for us.”
The property consists of 220 luxury apartments built in 1999. Units include nine-foot ceilings, full-sized washers and dryers, and a mix of well-designed 1, 2, and 3-bedroom floor plans. Tuscany Ridge is centrally located in Temecula and is within walking distance of restaurants, schools, retail, and major employers. The property is adjacent to the Sage Canyon Apartments, also owned by MG Properties Group. The company plans to invest over $3.3 million in capital improvements to the property, enhancing common area amenities, exteriors and landscaping, and renovating unit interiors.
Tuscany Ridge Apartments was purchased for a total of $38,850,000 from an institutional investor. The acquisition was financed with a 10-year fixed-rate mortgage from Fannie Mae, arranged by Walker & Dunlop.
Tuscany Ridge marks MG Properties Group’s fifth acquisition in 2014. The company also acquired California properties in Vallejo, Los Angeles, and Napa, and one property in Tempe, Arizona. The five acquisitions totaled more than 1,000 units and nearly $150,000,000 in combined purchase price. Washington, Oregon, Nevada, and Colorado are also target acquisition markets for the company.
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 MG Properties Group has acquired 80 communities with its private investors and institutional joint venture partners totaling nearly 15,000 units, representing more than $1.7 billion in total asset value, including 5,800 units at a value of over $700 million in the past four years. The company’s current portfolio includes approximately 11,000 units in California, Washington, Arizona and Nevada. MG Properties Group employs 300 professionals with in-house expertise in acquisitions and underwriting as well as asset, property, construction and investment management.