Thursday, January 14, 2016

Intercontinental Real Estate Corporation and MG Properties Group Acquire 350–Unit Value-Add Apartment Community In Growing Southern California Market

Carmel Hacienda Heights Apartments, Hacienda Heights, CA

Jessica Levin
 Los Angeles, 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 350-unit Carmel Hacienda Heights Apartments in Hacienda Heights, California.

Hacienda Heights is a central location with convenient access to downtown Los Angeles, Orange County, and Inland Empire job corridors. 

The buyers are rebranding the property as The Hills at Hacienda Heights, and plan to execute a renovation program to upgrade unit interiors, common areas, the property exterior, and to address deferred maintenance items, according to Jessica Levin, Intercontinental’s Director, Acquisitions, based in Los Angeles.  

The seller was represented by Sean Deasy and Mark Petersen at HFF. The buyers represented themselves.  The acquisition was financed with a 10-year fixed-rate mortgage from Freddie Mac, arranged by Brian Eisendrath at CBRE. 

Mark Gleiberman
“In addition to Hacienda Heights’ central location surrounded by a dynamic set of employment drivers, the property is poised to benefit from further economic growth in the region and is well suited for our long-term value-add investment strategy,” says Levin.

According to Mark Gleiberman, MG’s Chief Executive Officer, “The Hills at Hacienda Heights is an excellent addition to our existing portfolio in Los Angeles and the Inland Empire, allowing us to further benefit from efficiencies of scale in the region.

“We continue to see that the Southern California market has strong potential for further growth in the current economic recovery and we are actively seeking additional investment opportunities here.”

For a complete copy of the company’s news release, please contact:

 Jenn Quader or Katie Kea
 (949) 955-7940

Twitter @HFF

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