MG Properties Group Acquires Ontario Town Square Townhomes in Ontario, California for $38M

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Sep 02, 2015, 09:07 ET

SAN DIEGO, Sept. 2, 2015 /PRNewswire/ -- MG Properties Group, a private San Diego-based real estate investor and operator, has announced the acquisition of the Ontario Town Square Townhomes in Ontario, California.

MG Properties Group Acquires Ontario Town Square Townhomes in Ontario, California

The 140 unit property was built as condominiums in 2009. The luxury townhome units average 1,500 square feet and include two-car attached garages, nine-foot and vaulted ceilings, full-sized washers and dryers, and a variety of 2-bedroom floor plans. The property features an exceptional array of common area amenities, including a resort-style pool and spa, modern fitness center and lounge. The property is located in downtown Ontario, with convenient access to multiple job corridors within the region via the nearby 10, 60, and 15 freeways.

Ontario Town Square Townhomes was purchased for $38,000,000 from Artemis Real Estate Partners, which was represented by Paul Runkle and Ray Eldridge at CBRE. The acquisition was financed with a mortgage facilitated by Chuck Christensen at Capital One.

According to Mark Gleiberman, MG Properties Group Chief Executive Officer, "We continue to believe in the potential for economic growth in the Inland Empire, and this property allows us to benefit from strength in either the for-sale or for-rent housing sectors. With this acquisition, we will have 10 properties totaling over 2,600 units in the Inland Empire, further improving our operational efficiency in the region."

Ontario Town Square Townhomes marks MG Properties Group's eighth acquisition in the past year. The eight acquisitions totaled approximately 2,600 units and $370,000,000 in combined purchase price. The company is targeting further acquisitions in Arizona, California, Colorado, Nevada, Oregon, and Washington.

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 MG Properties Group has acquired 90 communities with its private investors and institutional joint venture partners totaling over 16,000 units, representing more than $2 billion in total asset value, including 7,700 units at a value of $1 billion in the past five years. The company's current portfolio includes over 12,000 units in California, Washington, Arizona and Nevada. MG Properties Group employs 350 professionals with in-house expertise in acquisitions and underwriting as well as asset, property, construction and investment management.

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SOURCE MG Properties Group