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Artesa Menifee Town Center

330-unit, Class A Multifamily property offers next-level amenities with a walkable and vibrant ‘urban’ environment  


Artesa Menifee Town Center

IRVINE, Calif. (October 27, 2021)MBK Rental Living is delighted to have successfully executed the sale of its Artesa at Menifee Town Center, a 330-unit new Class A apartment community in Menifee, Calif. to MG Properties Group.  The sale price of $156M, or $472,727 per unit, reflects the strong performance of apartment properties in the Inland Empire as it benefits from exceptional economic growth.

Key Data Points:

  • Artesa at Menifee Town Center is the fourth largest apartment transaction in the history of the Inland Empire.
  • The community was leased up at a pace of over 40 leases per month despite the impacts of the national pandemic while achieving substantial rental rate gains and virtually no concessions.

Opened in February 2020, the 15-acre best-in-class apartment community consists of 37 two- and three-story walk-up buildings with eight open-concept floor plans. The one-, two- and three-bedroom residences range from 820 to 1,322 square feet. The community was designed with a multitude of common area amenities and provides urban-style living in a walkable, small-town setting. Artesa is located in one of the fastest growing cities in California and is strategically positioned along the Interstate 215 corridor, an area of significant economic expansion, including the new Menifee Justice Center, which is scheduled to start construction this month.  It is also located within walking distance to plentiful shopping, dining and entertainment options at the 172-acre Menifee Town Center in the heart of the city. It is in close proximity to the newly opened Center Pointe Shopping Center and Menifee Lakes Plaza, and to the surrounding Temecula Valley, which includes additional shopping and award-winning wineries. The area is also home to Mt. San Jacinto College’s Menifee campus, one of California’s fastest growing community colleges.

“Artesa at Menifee Town Center was a record-breaking lease up for MBK, both in terms of leasing velocity and rent growth, showing the strength of rental demand in this dynamic market.  It also marks the second significant transaction within the last two years between MG and MBK in Southwest Riverside County, following the sale of  Mitchell Place in nearby Murrieta. We love the long-term story of this market and recognized the potential in acquiring land and building in this area,” said Craig Jones, president of MBK Rental Living. “The location, combined with its exceptional design along with the interior and exterior amenities, makes Artesa an attractive investment opportunity for buyers. We’re pleased to have completed this transaction with MG.”

“The Inland Empire has some of the strongest apartment fundamentals in the nation, and we are thrilled to be adding to our substantial portfolio there,” said MG Properties CEO and founder Mark Gleiberman. “We are pleased to complete another transaction with the MBK team, and believe that their well-designed, high quality product will be well-received by residents.”

Rachel Parsons and Derrek Ostrzyzek of Berkadia brokered the sale on behalf of MBK Rental Living. Financing was provided by funds managed by an affiliate of Apollo Global Management, Inc. and arranged by Cameron Chalfante at CBRE.

Further expanding its Southern California presence, Artesa at Menifee Town Center will mark MG Properties Group’s 11th property in the Inland Empire. MG Properties Group has purchased 19 communities in the last year for the company overall – totaling over $1.75 billion in combined value. The company is targeting further acquisitions in California, Washington, Oregon, Arizona, Nevada, Utah, Colorado and Texas.

About MBK Rental Living
MBK Rental Living is active in the acquisition and development of apartment communities. The company’s mission is to be the preeminent lifestyle developer focusing on creating communities that deliver value for their residents, partners, and investors. Throughout its 30-year history, MBK has earned a reputation for delivering award-winning customer satisfaction in housing that is innovative in design, comfort, sustainability, and craftsmanship, all at an excellent value. MBK Rental Living is a division of MBK Real Estate Ltd., the U.S. real estate development arm of Mitsui & Co., Ltd., one of the world’s largest corporations. MBK Real Estate’s companies span a wide spectrum of real estate development including apartments, industrial, and their senior housing divisions. MBK Rental Living is headquartered in Irvine, California. Corporate offices are located at 4 Park Plaza Suite 1700, Irvine, CA 92614; or visit their website at

About MG Properties Group

MG Properties Group is a privately owned, fully integrated real estate company specializing in the investment, redevelopment, and management of multi-family assets. Headquartered in San Diego, California, MG was founded in 1992 by Mark Gleiberman with the mission to enrich communities. MG’s current portfolio is comprised of over 23,000 rental homes in California, Washington, Arizona, Nevada, Colorado, and Oregon, including 79 communities. For additional information, visit


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