MG Properties Group Claims Murrieta MF from MBK
MBK Rental Living divested Mitchell Place, a 230-unit new Class A apartment community in Murrieta to MG Properties Group. The deal is one of the largest apartment transactions of 2020 in the Inland Empire, though pricing was undisclosed.
MBK Rental Living’s Craig Jones says, “Mitchell Place established a new benchmark for rental living in SW Riverside County, with exceptional design, beautiful interior and exterior amenities, and designer-selected unit finishes. The location, combined with its exceptional design, made Mitchell Place an attractive investment opportunity for buyers despite the challenges posed by the pandemic.”
Opened in June 2019, the gated community at 35995 Mitchell Rd. consists of flats and townhomes with nine floorplans in one-, two- and three-bedroom configurations. The amenity-filled property provides easy access to the 15 and 215 freeways.
MG Properties Group’s Mark Gleiberman says, “The property’s strong performance trends and the region’s robust economy make it an excellent fit for our long-term yield-oriented investment strategy.”
Berkadia’s John Chu and Ed Rosen brokered the deal on behalf of the seller.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition