MG Properties Expands Portfolio with New Apartment Purchase
MG Properties Enhances Portfolio with Dockside Apartments
MG Properties, a prominent real estate investment firm based in San Diego, has made a significant acquisition by purchasing Dockside Apartments, a 344-unit apartment community located in a serene area along the Green River. This multi-family project is a vital addition, showcasing MG Properties' strategic focus on acquiring prime assets.
Overview of the Acquisition
Securing Dockside Apartments for $95.6 million demonstrates MG Properties' commitment to strengthening their footprint in emerging markets. The property delivers an exceptional blend of urban convenience and natural beauty, which aligns with the company’s ongoing growth strategy.
Property Features
This beautifully designed garden-style community offers various living options, including one, two, and three-bedroom units that feature modern interiors and generous layouts. The apartments also provide private outdoor spaces, allowing residents to enjoy their surroundings while being conveniently close to urban amenities.
Community Amenities
Beyond its attractive apartments, Dockside Apartments boasts a host of lifestyle amenities designed to enrich resident experiences. Features include a resort-style swimming pool, a comprehensive fitness center spread across three levels, inviting common areas like a clubhouse with a kitchen, and outdoor grilling zones. Additionally, a pet park can add value for animal lovers, making it a well-rounded community.
Market Outlook and Growth Potential
With the strategic positioning of Dockside Apartments and its promising amenities, the property has become highly sought-after among residents. MG Properties' president, Jeff Gleiberman, expressed enthusiasm for adding this property to their expanding portfolio in the Pacific Northwest. This acquisition reflects their dedication to seeking out high-quality properties in thriving markets.
The Selling and Financing Process
The seller in this transaction was represented by a team from CBRE, including Eli Hanacek, Mark Washington, Kyle Yamamoto, and Natalie Kasper. The financing aspect was spearheaded by the professionals at CBRE Capital Markets, showcasing a solid collaboration to facilitate this large-scale acquisition.
Commitment to Community Enrichment
Since its establishment in 1992, MG Properties has been focused on enhancing communities through strategic property investments, redevelopment, and active management of multi-family assets. Currently, their portfolio spans over 32,000 rental homes across several states, solidifying their prominent position in the real estate landscape.
Frequently Asked Questions
What is Dockside Apartments known for?
Dockside Apartments is known for its combination of modern living spaces and community-oriented amenities situated by the scenic Green River.
How does this acquisition fit into MG Properties' strategy?
This acquisition aligns with MG Properties' strategy of acquiring well-located, high-quality properties in markets with strong growth potential.
What amenities can residents expect at Dockside Apartments?
Residents can expect amenities such as a resort-style swimming pool, a fitness center, a clubhouse, outdoor grilling areas, and a pet park.
Who were the representatives involved in the sale?
The sale was represented by a team from CBRE, comprising Eli Hanacek, Mark Washington, Kyle Yamamoto, and Natalie Kasper.
How long has MG Properties been in business?
MG Properties has been active in the real estate market since 1992, focusing on multi-family assets and community enrichment.
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