MG Properties Group Expands Portfolio; Marcus & Millichap Brokers Sale of Sabre Springs Business Park
- Jan 13, 2012
MG Properties Group has acquired a 168-unit multifamily property in the university district of San Marcos, according to RenTV.com. The property, Barham Villas Apartments, was purchased from New York-based TGM Associates L.P. for an undisclosed amount.
The property features a mix of one- , two- and three-bedroom apartments and MG Properties Group plans to carry out renovations that will improve the quality of life for the residents. Lane Jorgensen, MG Properties Group investments manager, highlighted the importance of the major public investments that occurred in the past few years in the area which enhanced the local private sector employment outlook.
Kevin Mulhern of CB Richard Ellis represented the seller. Andrew Behrens at CB Richard Ellis Capital Market brokered a $21.36 million fixed-rate loan from Freddie Mac to finance the deal.
Since December 2010, MG Properties Group has participated in nine apartment transactions along the West Coast, with a total value of $267 million. The company forecasts an additional $200 million in acquisitions within the next 12 months.
In other news, Marcus & Millichap Real Estate Investment Services has announced the sale of the Sabre Springs Business Park to HG Fenton Co. Sam Hanna, senior associate in Marcus & Millichap’s San Diego office, represented the seller, GML Sabre Springs.
Located at 13220-13240 Evening Creek Drive in San Diego, the multi-tenant light industrial/office park was sold for $11.9 million. The business park is situated on a 6.09-acre lot. It can be accessed by both Interstate 15 and Highway 56 and features three freestanding buildings totaling 83,755 square feet.