Over the last 20 years MGPG
has acquired 80 communities totaling nearly 13,700 units.
Since December 2010, MGPG has completed 10 apartment acquisitions totaling 2,200 units at a value of $300 million.
Over the last 20 years MGPG has acquired 76 communities totaling nearly 12,500 units, representing more than $1.
As a repeat buyer, MGPG was well positioned to creatively work through these transactional challenges with the seller.
Since December 2010, MGPG has completed eight apartment acquisitions totaling 1,785 units at a value of more than $230 million.
We are wary of high-turnover commodity apartments in secondary markets where residents have a history of concession shopping," said Lane Jorgensen, MGPG Investments Manager.
MGPG plans to complete minor interior upgrades, update the common areas and remedy deferred maintenance issues, particularly the roofs and windows, to improve resident quality of life.
This location will benefit from the continued expansion of CSUSM, Barham Drive access to the new Palomar Hospital, and easy access on the Sprinter commuter rail, 78 freeway and Twin Oaks Valley Road to major North County and I-15 corridor job bases," said Lane Jorgensen, MGPG Investments Manager.
MGPG plans to complete additional interior upgrades, renovate the common areas to contemporary standards and remedy deferred maintenance issues to improve resident quality of life.
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.
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 also benefit from the fact that MGPG
has in-house construction and property management capabilities," said Gleiberman, "which provides us with real time information about operations and allows us to efficiently manage the renovation process to maximize investment returns.