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Park 12 Sale Marks San Diego’s Largest Apartment Deal Since Pandemic
Locally based MG Properties completed the acquisition of Park 12 Apartments, a 35-story high-rise in downtown San Diego with 43,000 square feet of retail. The $309-million purchase price makes this the largest apartment acquisition in San Diego since 2020 and the third-largest apartment acquisition in San Diego history, according to MG Properties.
Built in 2018, Park 12 is located in the Ballpark Village masterplan adjacent to Petco Park, home of the San Diego Padres. “As a San Diego-based company, we are very familiar with the dynamics of the city and believe it has tremendous opportunity for growth in the coming years,” said MG president Jeff Gleiberman. “We believe this is an exceptional opportunity to acquire one of San Diego’s most iconic properties. This investment is consistent with our strategy of making long-term investments in high-quality properties.”
The seller, Greystar, was represented by Joseph Smolen and Geoff Boler with Eastdil Secured. Acquisition financing was provided by Fannie Mae and arranged by Eastdil’s Greg Stampley and Lee Redmond.
- ◦Sale/Acquisition
