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| Madison Park Apartments, Anaheim, CA |
San Diego, CA –
Intercontinental Real Estate Corporation (“Intercontinental”), a national real
estate investment, development, and management firm headquartered in Boston,
MA, and MG Properties Group (“MG”), a private San Diego-based real estate
investor and operator, have announced their acquisition of the Madison Park Apartments in Anaheim,
California.
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| Kevin Green |
At 768 units, this is the largest single property by number
of units to be purchased in Southern California since 2013.
The price was not
disclosed.
Madison Park is centrally located in West Anaheim near the
I-5 freeway, between Disneyland and Knott’s Berry Farm.
Apartment interiors
have been recently renovated with high quality finishes and a contemporary
aesthetic. The buyer intends to further invest in the property to improve
common areas and select interiors.
Madison Park was purchased from a private multifamily
investment firm. Institutional Property Advisors (IPA) executive vice president
investments Greg Harris and IPA director
Kevin Green represented the seller.
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| Greg Harris |
The buyers
represented themselves. The acquisition was financed with a 10-year fixed-rate
mortgage from Fannie Mae, arranged by Brian
Eisendrath at CBRE.
“The Orange County
area continues to be a top performing market with favorable economic and real
estate conditions.
“With convenient access to Anaheim’s major employers,
Madison Park offers an affordable alternative to the area’s newer development
projects,” says Jessica Levin, who
is based in Intercontinental’s Los Angeles, CA office.
MG also owns the comparable 402-unit Crystal View Apartments
in Garden Grove, CA.
According to Mark
Gleiberman, MG’s Chief Executive Officer, “Madison Park is an excellent
addition to our portfolio, further expanding our scale in the Orange County
region. We expect the property to have long term stability and to benefit from
the diverse regional job base and growth potential.”
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| Jessica Levin |
Designed as a resort-style community, the property features
exceptional common area amenities, including two swimming pools, sports courts,
a large fitness center and group exercise room, clubhouse, movie theater,
banquet room, and a business center.
“Madison Park is a highly amenitized multifamily housing
community that services an under-supplied segment of the submarket,” adds Greg Harris of IPA.
“Highlighting Madison Park’s position in the market as a
rare combination of luxury living at an affordable price compared to competing
assets of similar quality proved beneficial to both the buyer and seller,”
notes IPA’s Kevin Green.
For a complete copy
of the company’s news release, please contact:
Lexi Astfalk or Jenn Quader
(949) 955-7940
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