230-unit, Class A Multifamily property located in Riverside County and within commuting distance to San Diego, Orange, and Los Angeles Counties
MURRIETA, Calif. (October 20, 2020) – Amid a national pandemic and economic turbulence for market investors, MBK Rental Living is delighted to have successfully delivered and professionally executed their sale of Mitchell Place, a 230-unit new Class A apartment community in Murrieta, Calif. to MG Properties Group.
Key Data Points:
- Mitchell Place is one of the largest apartment transactions of 2020 in the Inland Empire.
- The community was leased up in less than 12 months despite the impacts of the national pandemic, while raising rental rates and offering almost no concessions.
Opened in June 2019, the gated community consists of flats and townhomes with nine floor-plans. The one-, two- and three-bedroom residences range from 787 to 1,294 square feet. The amenity-filled property provides easy access to the I-15 and I-215 freeways, connecting residents to employment centers in the four Southern California counties of Riverside, San Diego, Orange, and Los Angeles. The community was designed with a multitude of common area amenities and is located near the shopping and dining venues of downtown Murrieta as well as the area’s wide variety of recreational sites.
“Mitchell Place established a new benchmark for rental living in SW Riverside County, with exceptional design, beautiful interior and exterior amenities, and designer-selected unit finishes. Murrieta continues to be an attractive market that investors want to be in for the long term due to its tremendous market fundamentals.” said Craig Jones, president of MBK Rental Living. “The location, combined with its exceptional design, made Mitchell Place an attractive investment opportunity for buyers despite the challenges posed by the pandemic. We’re pleased to have completed this transaction with MG.”
“We are pleased to add Mitchell Place to our Inland Empire portfolio. The property’s strong performance trends and the region’s robust economy make it an excellent fit for our long-term yield-oriented investment strategy,” said Mark Gleiberman, MG Properties Group’s CEO.
John Chu and Ed Rosen of Berkadia brokered the sale on behalf of MBK Rental Living. Financing was provided by Fannie Mae and arranged by Charles Christensen at Berkadia.
MG Properties Group has purchased 8 communities in the past 12 months. These acquisitions totaled over 2,400 units and over $670 million in combined value. The company is targeting further acquisitions in Washington, Oregon, Arizona, California, Colorado, and Nevada.
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 homebuilding, industrial, and 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 www.MBKRentalLiving.com.
About MG Properties Group
MG Properties Group (www.mgproperties.com) is a privately owned West Coast real estate owner and operator specializing in multi-housing assets. Over the last 27 years MG Properties Group has acquired over 144 communities with its private investors and institutional joint venture partners totaling over 34,000 units, representing more than $6.5 billion in total asset value, including 25,000 units since 2010. The company’s current portfolio includes 22,000 units valued at $5 billion in California, Washington, Arizona and Nevada, and Oregon. MG Properties Group employs over 650 professionals with in-house expertise in acquisitions and underwriting as well as asset, property, construction, and investment management.