MG Properties is adding to its regional footprint, acquiring an apartment complex in downtown San Diego for $309 million. This, according to the real estate firm, marks the third-largest apartment purchase in the city's history.
Known as Park 12 Apartments, it features not only rental units but a mixed-use setting that includes 43,000 square feet of retail space.
The property, in the Ballpark Village masterplan, was first constructed in 2018 and features a panoramic stadium, restaurants, a brewery, and a cafe. Plus, it is near the San Diego Padres' stadium, Petco Park.
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"As a San Diego based company, we are very familiar with the dynamics of the city and believe it has tremendous opportunity for growth in the coming years," Jeff Gleiberman, president of MG, said in a statement.
"We believe this is an exceptional opportunity to acquire one of San Diego's most iconic properties. This investment is consistent with our strategy of making long-term investments in high quality properties."
MG said that the acquisition was its biggest apartment purchase in the city since 2020. However, the company has been an active buyer in the years since then, acquiring 18 assets for a value exceeding $2.1 million. In its portfolio, MG lists one other San Diego multifamily property — Luma Apartments.
Right now, the San Diego multifamily asset class is booming. Sales in the third quarter hit $713 million in the region, a 52 percent surge from the previous three months, according to a report from CBRE. Also, Rents rose 0.4 percent from the previous three months to $2,820, but the category was down 1.7 percent year-over-year.
In all of California, MG hosts more than 32,000 rental homes. Outside of The Golden State, MG's portfolio extends to Nevada, Colorado, Oregon, Arizona, and Washington State.
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