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ONTARIO, CALIF. — MG Properties Group (MGPG), in partnership with Rockwood Capital LLC, has acquired Terracina, a 736-unit multifamily community, for $95 million. The property is located at the intersection of Riverside Drive and Archibald Avenue in Ontario, approximately 36 miles east of Los Angeles.
Built in 1988, Terracina features two common areas, a fitness center, pools, tennis courts and scenic waterways. MGPG plans to invest in the community’s commons areas, grounds and buildings to provide additional amenities for residents.
“We have been invested in the Inland Empire for more than a decade and believe in its economic potential to outpace much of California during the next decade,” says Justin Smith, senior vice president of investments for MGPG. “We expect Terracina to benefit from renewed job growth driven by strengthening economic performance, an effect that we are already beginning to see in our regional portfolio.”
Bryan Frazier of Walker & Dunlop arranged mortgage financing that was provided with two separate fixed-rate loans from Fannie Mae. Greg Harris and Kevin Green of Institutional Property Investors represented the buyer in the transaction. Ed Rosen and John Chu of Cushman & Wakefield represented the seller.
San Diego-based MGPG is a privately owned real estate owner and operator specializing in multifamily assets. The company’s portfolio includes approximately 11,000 units in California, Washington, Arizona and Nevada. MGPG expects to close an additional $200 million in acquisitions within the next 12 months.
Rockwood Capital is a real estate investment firm that provides equity capital for repositioning, recapitalizing, developing and redeveloping a variety of property types. The company has offices in San Francisco, Los Angeles and White Plains, N.Y., and manages a portfolio of approximately $2.6 billion of net equity value in about $6.6 billion of gross real estate value.
— Brittany Biddy