MG Properties Group Acquires Two Multifamily Assets in Los Angeles for $139.7M
LOS ANGELES — San Diego-based MG Properties Group has purchased two multifamily properties in Los Angeles for a total of $139.7 million. An undisclosed seller sold both properties.
Totaling 397 units, the assets are The Enclave at Warner Center, which sold for $69.5 million, and Meridian Place Apartment Homes, which sold for $70.2 million. Located in Los Angeles’ Warner Center/Woodland Hills neighborhood, The Enclave at Warner Center features 195 units. Meridian Place Apartments, situated in Los Angeles’ Northridge district, features 202 units.
MG Properties plans to enhance the interiors of the units and upgrade common area amenities at both properties.
Greg Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors (IPA), a division of Marcus & Millichap represented the seller in the Enclave at Warner Center deal, while Sean Deasy and Blake Rogers of JLL represented the seller in the Meridian Place transaction.
Brian Eisendrath, Brandon Smith and Cameron Chalfant of CBRE arranged acquisition financing for the deals.