(EDITOR’S NOTE: According to public documents, the property sold on November 23rd for $67,250,000, or roughly $400,300 per unit.)
SAN DIEGO, Nov. 24, 2021 — MG Properties Group, a private San Diego-based real estate investor and operator, is further expanding its presence in the Bay Area, today announcing the acquisition of Maris at Martinez, formerly known as Terra Martinez.
Located in the East Bay hills, this 168-unit community offers an ideal location off State Route 4, connecting it to endless shopping, dining, and recreation options. The increasingly strengthened hybrid work environment allows Martinez to flourish as a viable option for Bay Area commuters.
“We are pleased to be further growing our long-term presence in the Bay Area,” said Mark Gleiberman, MG Properties Group’s Founder & CEO. “This is a market that has strong opportunity due to its economic growth, affordability, and convenience.”
This class “B” property was constructed in 1985 and has continued to be an increasingly popular destination for Bay Area residents to call home.
The sellers were represented by Salvatore Saglimbeni, Stanford Jones, Philip Saglimbeni, and Alexander Tartaglia from Institutional Property Advisors. Mortgage financing for the acquisition was provided by institutional investors advised by JP Morgan Asset Management and arranged by Bryan Frazier, Andrew Schoene and Blake Hockenbury at Walker & Dunlop.
Rebranded as Maris at Martinez, this community is the 19th acquisition in the last year for the company overall – totaling over $1.6 billion in combined value. MG Properties is continuing to target further acquisitions in Washington, Oregon, California, Arizona, Nevada, Utah, Colorado, and Texas.
About MG Properties Group
MG Properties Group is a privately owned, fully integrated real estate company specializing in the investment, redevelopment, and management of multi-family assets. Headquartered in San Diego, California, MG was founded in 1992 by Mark Gleiberman with the mission to enrich communities. MG’s current portfolio is comprised of over 23,000 rental homes in California, Washington, Arizona, Nevada, Colorado, and Oregon, including 79 communities.