Intercontinental, MG Properties Buy Carmel Hacienda Heights Apartments in Los Angeles

by Nellie Day

LOS ANGELES — A joint venture between Intercontinental Real Estate Corporation and MG Properties Group has purchased the 350-unit Carmel Hacienda Heights Apartments in the Los Angeles submarket of Hacienda Heights for an undisclosed sum. The community is located at 2401 S. Hacienda Blvd.

The property will be rebranded as the Hills at Hacienda Heights. It will also undergo a significant renovation, including improvements to the unit interiors, common areas and property exterior.

The acquisition was financed with a 10-year, fixed-rate mortgage from Freddie Mac. CBRE’s Brian Eisendrath arranged the loan. The JV represented itself in transaction, while HFF’s Sean Deasy and Mark Petersen represented the unnamed seller.

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