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SAN DIEGO, Feb. 5, 2025 ~ San Diego, CA - MG Properties, a leading real estate investment and management company, has recently announced the completion of their acquisition of Park 12 Apartments. The 35-story high-rise community, located in downtown San Diego, boasts 43,000 sq.ft. of retail space and was purchased by MG for a whopping $309 million. This marks the largest apartment acquisition in San Diego since 2020 and the third largest in the city's history.
Over the past twelve months, MG has been on a buying spree, adding a total of 18 properties to their portfolio with a combined value of over $2.1 billion. The addition of Park 12 Apartments further solidifies their position as a major player in the real estate market.
Built in 2018, Park 12 is situated in the Ballpark Village masterplan and is adjacent to Petco Park, home of the San Diego Padres. Its prime location offers residents stunning panoramic views of the stadium, bay, and downtown area. On top of that, the property also features on-site restaurants, a brewery, and a café for added convenience.
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With an impressive Walkscore of 97 out of 100, residents have easy access to The Gaslamp Quarter and an abundance of restaurants and retail options within the city.
According to Jeff Gleiberman, President of MG Properties, "As a San Diego based company, we are very familiar with the dynamics of the city and believe it has tremendous opportunity for growth in the coming years." He also added that this acquisition aligns with their strategy of investing in high-quality properties for long-term gains.
The seller for this transaction was Greystar and they were represented by Joseph Smolen and Geoff Boler from Eastdil Secured. Financing for this deal was provided by Fannie Mae and arranged by Greg Stampley and Lee Redmond from Eastdil Secured.
To learn more about Park 12 Apartments, visit their website at https://www.livepark12.com. With this latest acquisition, MG Properties continues to solidify their position as a major player in the real estate market and shows no signs of slowing down.
Over the past twelve months, MG has been on a buying spree, adding a total of 18 properties to their portfolio with a combined value of over $2.1 billion. The addition of Park 12 Apartments further solidifies their position as a major player in the real estate market.
Built in 2018, Park 12 is situated in the Ballpark Village masterplan and is adjacent to Petco Park, home of the San Diego Padres. Its prime location offers residents stunning panoramic views of the stadium, bay, and downtown area. On top of that, the property also features on-site restaurants, a brewery, and a café for added convenience.
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With an impressive Walkscore of 97 out of 100, residents have easy access to The Gaslamp Quarter and an abundance of restaurants and retail options within the city.
According to Jeff Gleiberman, President of MG Properties, "As a San Diego based company, we are very familiar with the dynamics of the city and believe it has tremendous opportunity for growth in the coming years." He also added that this acquisition aligns with their strategy of investing in high-quality properties for long-term gains.
The seller for this transaction was Greystar and they were represented by Joseph Smolen and Geoff Boler from Eastdil Secured. Financing for this deal was provided by Fannie Mae and arranged by Greg Stampley and Lee Redmond from Eastdil Secured.
To learn more about Park 12 Apartments, visit their website at https://www.livepark12.com. With this latest acquisition, MG Properties continues to solidify their position as a major player in the real estate market and shows no signs of slowing down.
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