TRACY, CA–MG Properties Group has purchased Waterstone Apartment Homes, a 156-unit apartment community in Tracy, for $25.25 million, or approximately $161,800 per unit.
Stanford Jones, an executive vice president investments with Institutional Property Advisors (IPA), a multifamilydivision of Marcus & Millichap, and Philip Saglimbeni and Salvatore Saglimbeni, IPA vice presidents investments, advised the seller, Fairfield Edgewood Station LP.
The 152,674-sq.-ft. property features seven three-story residential buildings and a one-story community building. It was opened in 2007. It is located at 1951 West Middlefield Drive.
“Waterstone Apartment Homes’ historically stable operations, luxury status and free and clear delivery all added to its appeal for the,” Jones said.
“The property’s revenue has been trending up over the last three months, which reflects well on the investor’s timing,” Saglimbeni said.