The complex is at 730 Via de Luna and had been owned by the seller for approximately two years. The deal was brokered by Mary Ann King and Scott Davis of the Costa Mesa office of Moran & Co., with MG Properties representing itself. Country Hills Apartments was built in 1987 and consists of 34 two-story, wood-frame and stucco buildings comprising 176 one-bedroom units, 234 two-bedroom units and two three-bedroom apartments. The one-bedroom units measure 605 sf, the two-bedroom units 770 sf to 780 sf, and the three-bedroom units 1,000 sf. Rents range from $725 to $1,140. The complex was approximately 91% occupied at the time of the sale.

MG Properties is headed by Mark Gleiberman, president, who is the administrative general partner. During the past two years, Gleiberman and his related entities have acquired more than 2,100 apartments for a total cost of $165 million in San Diego County and the Inland Empire. MG's total portfolio consists of 4,800 apartments, of which 3,700 are owned directly by limited partnerships controlled by MG.

Besides continuing to seek additional multifamily properties for its portfolio in Southern California, the company says, it is considering expansion into additional markets in the Western US during 2004.