LOS ANGELES—Intercontinental Real Estate Corp.and MG Properties Group have partnered to purchasethe Carmel Hacienda Heights Apartments in HaciendaHeights, CA. The name of the seller and the purchase price were notdisclosed, however, sources unrelated to the deal tell GlobeSt.comthat Carmel Partners sold the property to thejoint venture for $81.5 million.

"Our significant existing regional portfolio creates operationalefficiencies and provided us with a good understanding of thisunique property and submarket," Christian Garner,chief investment officer of MG Properties Group, tellsGlobeSt.com. "This is an extension of our strategy to seekcore-adjacent markets that have the potential to benefit fromfurther economic growth but are not as exposed to risk fromcompetition by new developments. We expect this location andproperty to have long-term demand supported by a diverse mix ofemployment drivers."

MG Properties and Intercontinental plan to renovate the 350-unitcomplex, upgrading the interior and exterior units and addressingdeferred maintenance. As part of the renovation plan, the buyersplan to rebrand the property the Hills at Hacienda Heights. "Wehave a multi-year renovation plan designed to support our long-terminvestment strategy at the property," says Garner. "Improvementswill address both deferred maintenance items as well as upgrades tocommon areas and unit interiors."