High Desert Property Draws San Diego InvestorsWednesday, October 3, 2012
San Diego-based investment firm MG Properties Group has purchased a four-property apartment portfolio in Lancaster, in Los Angeles County, for $91.75 million.
The apartment communities, totaling 1,190 units, were acquired from a private buyer, according to a statement from the privately held MG Properties Group.
President Mark Gleiberman said the company looked to leverage its operational expertise and historically low long-term financing rates. The acquisitions were financed separately with $75.6 million in 10-year, fixed-rate debt provided by KeyBank Real Estate Capital and Fannie Mae.
Justin Smith, the company’s senior vice president of investments, said the acquisition was “an extension of our strategy of acquiring high-quality assets in secondary markets.”
The properties were built between 1984 and 1990, and are located along state Route 14.
MG Properties Group’s portfolio includes 42 multifamily properties with 9,500 units in California and three other states, representing approximately $1 billion in total asset value, the statement said.