LOS ANGELES—Intercontinental Real Estate Corp. and MG Properties Group have partnered to purchase the Carmel Hacienda Heights Apartments in Hacienda Heights, CA. The name of the seller and the purchase price were not disclosed, however, sources unrelated to the deal tell GlobeSt.com that Carmel Partners sold the property to the joint venture for $81.5 million.

“Our significant existing regional portfolio creates operational efficiencies and provided us with a good understanding of this unique property and submarket,” Christian Garner, chief investment officer of MG Properties Group, tells GlobeSt.com. ”This is an extension of our strategy to seek core-adjacent markets that have the potential to benefit from further economic growth but are not as exposed to risk from competition by new developments. We expect this location and property to have long-term demand supported by a diverse mix of employment drivers.”

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