(EDITOR’S NOTE: According to information from MG Properties, Domain San Diego sold for $184.6 million, or about $487,071 per unit.)
SAN DIEGO — MG Properties, a private San Diego-based real estate investor, owner, and operator purchased the multifamily community Domain San Diego in a joint venture with Rockwood Capital.
Domain San Diego is a 379-unit community that offers renovated studio, 1 & 2 bedroom apartments, competitive community amenities, and easy access to the 163 and 52 freeways. Characterized by strong demographics, highly ranked schools, accessibility to jobs, and relatively affordable rents, Kearny Mesa is a desirable San Diego submarket that has been severely underserved in terms of multifamily housing.
“Kearny Mesa is expected to experience significant growth in the near future as a pedestrian friendly market,” said MG Properties President Jeff Gleiberman. “Adding Domain to our portfolio is a value-add opportunity to renovate remaining classic units and add strategic enhancements to further elevate the community.”
The seller of this multifamily community was Magnolia Capital, represented by Joseph Smolen, Geoff Boler, Mark Peterson, Jonathan Merhaut, and Eugene Chong of Eastdil Secured.
ABOUT MG PROPERTIES
MG Properties 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 28,000 rental homes in California, Washington, Arizona, Nevada, Colorado, and Oregon, including 95 communities. For additional information, visit www.mgproperties.com.
