(EDITOR’S NOTE: According to public records reviews by the Sacramento Business Journal, the properties sold for $66.5 million, or for a combined $350,000 per unit. 95-unit Eleanor, located at at 501 16th St., sold for $32.5 million, or $342,105 per unit, while the 95-unit H16 apartments, located at 731 16th St., sold for $34 million, or $357,894 per unit.)
SAN DIEGO, Aug. 11, 2022 — MG Properties Group, a private San Diego-based real estate investor and operator, is further expanding its Sacramento presence, today with the acquisition of Eleanor and H16 Midtown Apartments. The two newly combined communities are located along the 16th street corridor in the Midtown submarket of Sacramento.
Each community has an attractive contemporary design where residents benefit from a robust set of common area amenities, and can easily access a variety of walkable dining and entertainment options surrounding the properties.
“We are pleased to welcome these two additions to our portfolio of communities,” announced Jeff Gleiberman, President of MG Properties. “Both Eleanor and H16 allow us to further scale our regional portfolio while investing in a submarket that we believe has substantial growth potential.”
The sellers, The Grupe Company, SKK Developments, and Guardian Capital, were represented by Marc Ross and Hasina Ahmadi of CBRE. Financing for the transaction was led by CBRE Capital Markets’ Andrew Behrens, Jesse Weber, and Stephen Baird.
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 88 communities.