Southern California Investor Buys Tracy Apartments

By Jon Peterson San Diego-based MG Properties Group has paid $25.25 million to purchase the 156-unit Waterstone Apartments in Tracy, earning a 5.8 percent capitalization rate, or first-year yield. The seller was San Diego-based Fairfield Residential, which developed the property in 2007 with an institutional capital partner. The property was 93 percent to 94 percent […]