REAL ESTATE TRANSACTION ALERT
230-unit, Class A Multifamily property located in Riverside County and within commuting distance to San Diego, Orange, and Los Angeles Counties
October 20, 2020 – Amid a national pandemic and economic turbulence for market investors, MBK Rental Living is delighted to have successfully delivered and professionally executed their sale of Mitchell Place, a 230-unit new Class A apartment community in Murrieta, Calif. to MG Properties Group.
Key Data Points:
- Mitchell Place is one of the largest apartment transactions of 2020 in the Inland Empire.
- The community was leased up in less than 12 months despite the impacts of the national pandemic, while raising rental rates and offering almost no concessions.
Opened in June 2019, the gated community consists of flats and townhomes with nine floor-plans. The one-, two- and three-bedroom residences range from 787 to 1,294 square feet. The amenity-filled property provides easy access to the I-15 and I-215 freeways, connecting residents to employment centers in the four Southern California counties of Riverside, San Diego, Orange, and Los Angeles. The community was designed with a multitude of common area amenities and is located near the shopping and dining venues of downtown Murrieta as well as the area’s wide variety of recreational sites.
“Mitchell Place established a new benchmark for rental living in SW Riverside County, with exceptional design, beautiful interior and exterior amenities, and designer-selected unit finishes. Murrieta continues to be an attractive market that investors want to be in for the long term due to its tremendous market fundamentals.” said Craig Jones, president of MBK Rental Living. “The location, combined with its exceptional design, made Mitchell Place an attractive investment opportunity for buyers despite the challenges posed by the pandemic. We’re pleased to have completed this transaction with MG.”
“We are pleased to add Mitchell Place to our Inland Empire portfolio. The property’s strong performance trends and the region’s robust economy make it an excellent fit for our long-term yield-oriented investment strategy,” said Mark Gleiberman, MG Properties Group’s CEO.
John Chu and Ed Rosen of Berkadia brokered the sale on behalf of MBK Rental Living. Financing was provided by Fannie Mae and arranged by Charles Christensen at Berkadia. MG Properties Group has purchased 8 communities in the past 12 months. These acquisitions totaled over 2,400 units and over $670 million in combined value. The company is targeting further acquisitions in Washington, Oregon, Arizona, California, Colorado, and Nevada.