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| Tuscany Ridge Apartments, Temecula, CA |
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| Rob Singh |
Temecula, CA, Jan. 16, 2015– MG Properties Group, a private
San Diego-based real estate investor and operator, has announced the
acquisition of the Tuscany Ridge Apartments in Temecula, California.
According to Rob Singh, MG Properties Group Chief
Investment Officer “Due to its high quality modern design and construction,
Tuscany Ridge is an ideal candidate for a value-add repositioning strategy.
Given the opportunity for growth in the Inland Empire and its proximity to our
existing portfolio, this is an excellent strategic fit for us.”
The property consists of 220 luxury apartments built in
1999. Units include nine-foot ceilings, full-sized washers and dryers, and a
mix of well-designed 1, 2, and 3-bedroom floor plans.
Tuscany Ridge is
centrally located in Temecula and is within walking distance of restaurants,
schools, retail, and major employers.
The property is adjacent to the Sage
Canyon Apartments, also owned by MG Properties Group. The company plans to
invest over $3.3 million in capital improvements to the property, enhancing
common area amenities, exteriors and landscaping, and renovating unit
interiors.
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| Sage Canyon Apartments, Temecula, CA |
Tuscany Ridge
Apartments was purchased for a total of $38,850,000 from an institutional
investor.
The acquisition was financed with a 10-year fixed-rate mortgage from
Fannie Mae, arranged by Walker & Dunlop.
Tuscany Ridge marks MG Properties Group’s fifth acquisition
in 2014. The company also acquired California properties in Vallejo, Los
Angeles, and Napa, and one property in Tempe, Arizona. The five acquisitions totaled more than
1,000 units and nearly $150,000,000 in combined purchase price. Washington, Oregon, Nevada, and Colorado are
also target acquisition markets for the company.
For a complete copy of the company’s news release, please
contact:
Lexi Astfalk or Jenn Quader
(949) 955-7940
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