SAN DIEGO, July 27, 2022 — MG Properties, a private San Diego-based real estate investor, owner, and operator purchased Eleanor Apartments, a 333-unit community in Milpitas, CA for $193 million ($579,579 per unit).
The community is in a premier Bay Area location defined by strong employment growth and desirability. Eleanor is a transit-oriented mixed-use community with 10,000 sf of ground floor retail, completed in 2021. This luxury community has an attractive contemporary design and robust set of common area amenities, and residents can easily access a variety of walkable dining and entertainment options surrounding the property.
“We are pleased to be further growing our long-term presence in the Bay Area, a market that has strong potential for recovery after the impacts of the Covid crisis”, said Jeff Gleiberman, MG Properties’ President.
The sellers, SummerHill Apartment Communities, The Resmark Companies, and Kennedy Wilson, were represented by Philip Saglimbeni, Stanford Jones, Salvatore Saglimbeni, and Alexander Tartaglia from Institutional Property Advisors. Financing was provided by Fannie Mae and arranged by Brian Eisendrath and Cameron Chalfant of Institutional Property Advisors.
ABOUT MG PROPERTIES
MG Properties 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 28,000 rental homes in California, Washington, Arizona, Nevada, Colorado, and Oregon, including 90 communities. For additional information, visit www.mgproperties.com.