MG Acquires 456-Unit Apartment Community in Vista, Calif. for $117.5M

by Taylor Williams

VISTA, CALIF. — San Diego-based multifamily investment firm MG Properties Group has acquired Waterleaf Apartments, a 456-unit multifamily community located at 333 Emerald Drive in Vista, about 40 miles north of San Diego, for $117.5 million.

Built in 1986, the garden-style property offers convenient access to I-15 and I-5, as well as U.S. Highways 76 and 78. Amenities include two clubhouses, two pools, two fitness centers, two sports courts, a playground and a business center.

MG Properties Group will continue the interior renovation plan currently in place, which will focus on upgrading the property’s common areas.

“We are pleased to grow our existing San Diego portfolio, particularly in the North County region,” says Mark Gleiberman, CEO of privately owned MG Properties Group. “Waterleaf is well-positioned to capitalize on strong regional employment prospects and will allow us to further scale our operations in the region.”

Ed Rosen and John Chu of Berkadia represented the undisclosed sellers in the transaction.

In addition, Brian Eisendrath of CBRE arranged $76.4 million in Fannie Mae financing for the acquisition.

Over the past 12 months, MG Properties Group has acquired 11 properties totaling more than 4,000 units and $817 million in capital investment.

Taylor Williams

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