California + Inland Empire + Apartments | January 23, 2017

MG Properties Expands Portfolio with $74.5M MF Wildomar Buy

San Diego-based MG Properties Group acquired the Santa Rosa Apartments in Wildomar, CA. The asset was purchased for $74.5 million, and marks MG Properties’ 13th acquisition in the past 12 months.

MG Properties’ Mark Gleiberman describes the acquisition as “a continuation of our strategy to take advantage of low long-term interest rates and economies of scale to generate outstanding cash-on-cash returns for our investors with Class A properties in secondary markets.”

Built in 2008, the property offers 320 luxury apartment homes in a desirable low density two-story walk-up design. MG Properties plans to perform modest interior renovations and refresh the property’s common areas.

CBRE’s Paul Runkle, Eric Chen and Bob Patterson represented the sellers. CBRE’s Brian Eisendrath and Cameron Chalfant arranged the $46.68-million, 10-year-fixed-rate Fannie Mae loan.

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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