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| Carmel Hacienda Heights Apartments, Hacienda Heights, CA |
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| 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.
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| Mark Gleiberman |
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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