MG Properties Expands Portfolio with $309 Million Acquisition of Park 12 Apartments in San Diego

MG Properties Expands Portfolio with Park 12 Acquisition

San Diego's real estate landscape has witnessed a significant shift with MG Properties' recent acquisition of Park 12 Apartments for an impressive $309 million. This transaction, completed on February 5, 2025, not only marks the largest apartment acquisition in San Diego since 2020 but also stands as the third-largest in the city's history.

A Prime Location

Park 12 Apartments is a modern high-rise community that stands tall with 35 stories in the vibrant downtown area, right next to Petco Park, the home of the San Diego Padres. Built in 2018 as part of the Ballpark Village masterplan, the property boasts 43,000 square feet of retail space along with luxurious housing options and an array of amenities. Its strategic location provides breathtaking views of the stadium, the San Diego Bay, and the city's skyline, encompassing a blend of urban lifestyle and panoramic scenery.

With a remarkable Walkscore of 97 out of 100, residents enjoy unparalleled access to San Diego's Gaslamp Quarter, a bustling hub known for its highest concentration of restaurants, shops, and nightlife. This lively neighborhood is an attractive feature for potential residents looking for convenience and entertainment right at their doorstep.

Insights from MG Properties

Jeff Gleiberman, the President of MG Properties, shared insights into the purchase, stating, "As a San Diego-based company, we are very familiar with the dynamics of the city and believe it has tremendous opportunity for growth in the coming years." Gleiberman emphasized that acquiring Park 12 aligns with the company's long-term investment strategy focused on high-quality properties, reinforcing their commitment to enriching communities.

Over the past year, MG Properties has been on an impressive acquisition spree, adding 18 new properties to its portfolio. The total investment over this period has crossed a staggering $2.1 billion, illustrating the company’s aggressive growth strategy in the competitive real estate market.

Seller and Financing Details

The transaction was completed with the assistance of Eastdil Secured, who represented the seller, Greystar. The financing for this operation was provided by Fannie Mae and was arranged by Greg Stampley and Lee Redmond with Eastdil Secured, ensuring a smooth transition and solid financial backing for MG Properties.

About MG Properties

Founded in 1992 by Mark Gleiberman, MG Properties is a privately-owned real estate investment and management firm headquartered in San Diego, California. The organization specializes in the redevelopment and management of multi-family assets. Currently, MG Properties oversees a diverse portfolio that includes over 32,000 rental homes across various states including California, Washington, Arizona, Nevada, Colorado, and Oregon.

This latest acquisition is viewed not just as a financial investment but as a strategic move to enhance the urban landscape of San Diego, solidifying MG Properties' commitment to the community while expanding its portfolio with prime properties.

For those interested in exploring more about Park 12 Apartments or MG Properties, detailed information can be found on their respective websites.