Canyon Partners and MG Properties Join Forces to Acquire Shift Apartments in San Diego

Canyon Partners and MG Properties Acquire Shift Apartments in San Diego

In a strategic move to expand their real estate holdings in Southern California, Canyon Partners Real Estate LLC and MG Properties have successfully acquired the Shift Apartments, a prominent multifamily residential complex located in the heart of Downtown San Diego. This acquisition adds a significant asset to their already robust portfolio, capitalizing on the dynamic growth of the East Village neighborhood.

Overview of Shift Apartments

The Shift Apartments feature an impressive layout comprising two buildings – a 21-story and a 5-story structure that collectively house 368 residential units. Alongside the living spaces, the complex incorporates approximately 18,840 square feet of retail space on the ground floor and a parking garage accommodating 501 vehicles. Completed in 2018, the apartments are designed with high-quality finishes, including quartz countertops, modern kitchen islands, and stainless-steel appliances, catering to the elevated tastes of urban dwellers.

The amenities at Shift are notable and reflect the modern lifestyle that residents expect today. A well-equipped fitness center, dedicated dog park, electric vehicle charging stations, and a co-working space with private offices and Wi-Fi are just a few features that enhance the living experience. On the 21st floor, residents can also enjoy a sun deck, swimming pool, spa, and a sky lounge that boasts outdoor cooking facilities, bar seating, and fire pits, all with breathtaking views of San Diego Bay and the downtown skyline.

Prime Location in East Village

Located in the East Village neighborhood, Shift Apartments are strategically placed to benefit from the area's ongoing revitalization. Residents enjoy walkable access to bustling locales, including Petco Park and the vibrant Gaslamp Quarter. The proximity to recreational areas like Little Italy, Seaport Village, and Balboa Park makes it an appealing choice for those seeking urban conveniences. The nearby Park and Market Trolley Station provides easy transportation links to significant employment centers across San Diego County, notably UC San Diego, Sorrento Valley, and the Naval Base San Diego.

Jeff Gleiberman, President of MG Properties, commented on the acquisition, stating, "East Village is undergoing a meaningful transformation, supported by strong demographic trends, infrastructure investment, and proximity to San Diego's major employment centers. We are pleased to be expanding our apartment portfolio in San Diego and partnering with Canyon on this transaction, as this asset presents a unique opportunity to apply our operational expertise."

Canyon’s Real Estate Vision

Canyon Partners have a long history of investing in California real estate, and this acquisition is aligned with their strategy to deploy equity and debt capital in high-quality projects. Over the past two decades, Canyon has capitalized on approximately $7.1 billion worth of projects across various asset types, reinforcing its position as a significant player in the real estate market.

Founded in 1991, Canyon Partners employs robust investment strategies that encompass debt, value-added initiatives, and opportunistic pursuits, with a focus on diverse property types and geographic markets throughout the U.S.

About MG Properties

MG Properties is celebrated for its integrated approach within the multifamily real estate sector, specializing in the investment, redevelopment, and management of rental homes. Established in 1992 in San Diego, the company aims to enrich communities through its operations. Currently, MG Properties manages over 32,000 rental units spread across several states, affirming its stature as a trusted name in the real estate industry.

The acquisition of Shift Apartments not only enhances MG Properties' portfolio but also symbolizes a commitment to fostering community ties while addressing the growing demand for quality urban housing in San Diego.