TRACY, CA—MG Properties Group has acquired two apartment communities here and in Pomona, Calif. for $44.5 million.
The properties include the 156-unit Waterstone Apartments here for more than $25 million, and the 138-unit Terramonte Aparments in Pomona for more than $19 million. The Waterstone purchase was financed with a Fannie Mae loan originated by Bryan Frazier with Walker & Dunlop. The Terramonte acquisition was financed with a short-term bridge loan from Key Bank, represented by Andrew Lucca. MG plans to spend $2.5 million to upgrade Terramonte.
Mark Gleiberman, MG’s President, said the purchases are a continuation of a successful 2012 raising private capital for apartment investment throughout the West Coast. “We are very pleased that we exceeded our goal of $200 million in new investments by closing on $240 million of acquisitions during the year, all funded with private equity sources including 1031 exchange capital, joint ventures with ultra-high net worth families and traditional syndications,” he said. “Adding over 2,300 units to our portfolio through acquisitions will allow us to expand the capabilities of our integrated management teams to position us for future growth.”