Thursday, April 2, 2015

Intercontinental Real Estate Corp. and MG Properties Group Complete Largest Multifamily Acquisition in Southern California Since 2013


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.

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.

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.”

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

No comments:

Post a Comment