MG Properties Group, a private San Diego-based real estate investor and operator, has announced the acquisition of two multifamily properties; the 376-unit Garden Grove Apartments in Tempe, Arizona and the 72-unit Bella Vista Apartments in Napa, California.
“Both acquisitions leverage our existing management platform, creating operational efficiencies and allowing us to scale our portfolio in high-quality markets with strong growth potential” according to Mark Gleiberman, MG Properties Group’s President.
Built in 1988, Garden Grove Apartments is an upgraded, conveniently located infill property in south Tempe, with easy access to the I-10 freeway and surrounded by a variety of retail amenities. MG Properties Group plans to invest nearly $1.5 million in capital improvements and plans to enhance the property’s common area amenities to improve the ambiance for current and prospective residents, including performing landscaping improvements and upgrading the fitness facility and pools. The improvements will capitalize on the strong market conditions in Phoenix.
Garden Grove Apartments was purchased for $35.6 million from MetLife, Inc. The acquisition was financed with a 10-year fixed-rate mortgage from Fannie Mae, arranged by CBRE.
Built in 1972, Bella Vista Apartments is a well-maintained and conveniently located property in central Napa. MG Properties Group plans to invest approximately $500,000 in capital improvements. The property’s central location is one block from the Queen of the Valley Medical Center, near the CA-29 highway, and convenient to commercial and retail centers.
Bella Vista was purchased for $14.075 million from Trinity Real Estate. The acquisition was financed with a 10-year fixed-rate mortgage from Fannie Mae, arranged by Key Bank.
According to Rob Singh, MG Properties Group Chief Investment Officer, “both properties are in strong sub-markets and therefore should benefit from long-term rental rate growth.”