MG Acres Apartments LP and Gleiberman Apartments 2002 LLC, which counts Gleiberman Investments Inc. as managing partner, have purchased the property, known as The Acres. Completed in 1986, the complex originally sold for $7.2 million in December of the same year. It consists of two-story wood frame buildings with pitched roofs and stucco and siding exteriors, which are located at 1575 Tanglewood Lane. Amenities here include a pool, spa, recreation room, two laundry rooms and carports. The complex has a park-like atmosphere, as it is situated on a well-landscaped, 13.79-acre hillside parcel with open grounds, says Robert Vallera Jr. of IPC Commercial Real Estate, who represented the seller in the transaction.

Vallera tells GlobeSt.com that "the overall quality of the complex, despite some deferred maintenance, will make it an attractive property to own and operate over the next decade." He adds that the owners are planning a renovation of the property, which will entail "curing minor deferred maintenance and performing cosmetic upgrades."

Vallera assisted IPC Commercial colleague Lou Bulte, who represented both the buyer as and the seller, Amac Investments Inc.