MG Properties Group Acquires Mixed-Use Project in Oceanside for $11.75-Million

SAN DIEGO, Oct. 11, 2011 /PRNewswire/ -- San Diego-based MG Properties Group (MGPG) announced today its $11,750,000 acquisition of Ocean Village, a 63,000-square-foot mixed-use residential and retail property in downtown Oceanside, California.

Completed in 2009, the property is located at 401 N. Coast Highway in the heart of downtown Oceanside's redevelopment corridor, within walking distance of the pier, theaters, restaurants, shopping and the Oceanside Transit Center.  The project includes 10,676 square feet of ground-level retail space fronting Pacific Coast Highway, served by street and tuck-under parking.  Thirty-three condominium units averaging 1,600 square feet sit atop the retail space, featuring individual rooftop decks with whitewater ocean views, custom cabinets, premium stainless steel appliances, and high-quality finishes.  Because no units were sold when the project was originally completed, MGPG intends to offer the remaining residential units and retail spaces for lease.

Mark Gleiberman, President of MGPG, said, "Ocean Village represents the opportunity to acquire a quality new-construction property in a premium Southern California beachside location at a substantial discount to replacement cost.  We are constantly on the lookout for properties with this profile and are pleased to add this high-value asset to our portfolio."

MGPG plans to invest significant capital into the property and perform a variety of upgrades with its in-house operations and construction team to make the condominiums more attractive to potential residents and improve the visibility and quality of the retail spaces for tenants.  According to Justin Smith, MGPG Senior Vice President of Investments, "Unfortunately this project opened at the depth of the recession and never had a chance to build momentum, but we believe the building is well designed for the market.  We look forward to working with the City of Oceanside to stabilize the property and allow it to flourish and contribute to the already vibrant downtown Oceanside community."

MGPG purchased Ocean Village with capital from its Private Capital Group, a pool of high-net-worth investors located primarily in the San Diego region.  KeyBank National Association financed the balance of the transaction.  The seller of the property was 401 PCH Ocean, LLC, which was represented by Mike Bouma, Rob Socci, and Paul Caputo of Voit Real Estate Services.

MGPG has purchased five properties within the past year totaling over 1,150 units at a value exceeding $160 million. MGPG anticipates closing on an additional $200 million in new acquisitions within the next 12 months.

MG Properties Group (www.mgproperties.com) is a privately owned West Coast real estate owner and operator specializing in multi-housing assets.  Over the last 20 years MGPG has acquired 71 communities totaling over 11,500 units, representing more than $1.1 billion in total asset value.  The company's current portfolio includes 7,700 units in California, Washington and Arizona.  MGPG employs 250 professionals with in-house expertise in acquisitions and underwriting as well as asset, property, construction and investment management.

Contact:

Justin Smith
Senior Vice President, Investments
MG Properties Group
858-366-6509
or
Dan Peoples
Peoples & Company
858-552-1456

SOURCE MG Properties Group

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