Artesa at Menifee Town Center, a new 330-unit class-A apartment community in Menifee, CA, recently sold to MG Properties Group. The sale price of $156 million or $472,727 per unit reflects the strong performance of apartment properties in the Inland Empire. Artesa at Menifee Town Center is the fourth-largest apartment transaction in the history of the Inland Empire.

Opened in February 2020, the community was leased at a pace of more than 40 leases per month despite the impacts of the national pandemic, while achieving substantial rental rate gains and virtually no concessions. MBK Rental Living was the seller.

“Artesa at Menifee Town Center was a record-breaking lease-up for MBK, both in terms of leasing velocity and rent growth, showing the strength of rental demand in this dynamic market. We love the long-term story of this market and recognized the potential in acquiring land and building in this area,” said Craig Jones, president of MBK Rental Living.

The 15-acre apartment community has 37 two- and three-story walk-up buildings with eight open-concept floorplans. The one-, two- and three-bedroom residences range from 820 to 1,322 square feet.

Artesa is within walking distance to the 172-acre Menifee Town Center, and near the newly opened Center Pointe Shopping Center and Menifee Lakes Plaza.

“The Inland Empire has some of the strongest apartment fundamentals in the nation,” said Mark Gleiberman, MG Properties CEO and founder.

Rachel Parsons and Derrek Ostrzyzek of Berkadia brokered the sale on behalf of MBK Rental Living. Financing was provided by funds managed by an affiliate of Apollo Global Management Inc. and arranged by Cameron Chalfante at CBRE.