Locally based MG Properties completed the acquisition of Park 12 Apartments, a 35-story high-rise in downtown San Diego with 43,000 square feet of retail. The $309-million purchase price makes this the largest apartment acquisition in San Diego since 2020 and the third-largest apartment acquisition in San Diego history, according to MG Properties.
“As a San Diego-based company, we are very familiar with the dynamics of the city and believe it has tremendous opportunity for growth in the coming years,” said MG president Jeff Gleiberman. “We believe this is an exceptional opportunity to acquire one of San Diego’s most iconic properties. This investment is consistent with our strategy of making long-term investments in high-quality properties.”
The seller, Greystar, was represented by Joseph Smolen and Geoff Boler with Eastdil Secured. Acquisition financing for Park 12 was provided by Fannie Mae and arranged by Eastdil’s Greg Stampley and Lee Redmond.
MG Properties Group is a privately owned, fully integrated real estate company specializing in the investment, redevelopment, and management of multifamily assets. MG added 14 properties and over 4,700 units totaling more than $1.6 billion to their portfolio in the 2021 calendar year. Stone Cliff represents MG’s third acquisition in the market. Including Stone Cliff, MG will own and manage 1,166 units in the Denver market. Headquartered in San Diego, California, MG was founded in 1992 by Mark Gleiberman with the mission to enrich communities. MG’s current portfolio is comprised of over 24,000 rental homes in California, Washington, Arizona, Nevada, Colorado, and Oregon, including 80 communities.
