MG Properties Acquires Park 12 Apartments in San Diego, CA for $309M

SAN DIEGO, Feb. 5, 2025 /PRNewswire/ -- MG Properties, a leading real estate investment and management company, has completed the acquisition of Park 12 Apartments, a 35-story high-rise community in downtown San Diego with 43,000 sq.ft. of retail. MG purchased the property for $309 million, making it the largest apartment acquisition in San Diego since 2020, and the third largest apartment acquisition in San Diego history. With this acquisition, MG has added 18 properties to their portfolio over the past twelve months, totaling over $2.1 billion.

Built in 2018, Park 12 is located in the Ballpark Village masterplan adjacent to Petco Park, home of the San Diego Padres. The property features panoramic stadium, bay and city views of Downtown San Diego along with on-site restaurants, brewery, and café. With a 97/100 Walkscore, residents have access to The Gaslamp Quarter and the highest concentration of restaurants and retail in the city.

"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," said Jeff Gleiberman, President of MG Properties. "We believe this is an exceptional opportunity to acquire one of San Diego's most iconic properties. This investment is consistent with our strategy of making long-term investments in high quality properties."

The seller, Greystar, was represented by Joseph Smolen and Geoff Boler with Eastdil Secured. Financing for the transaction was provided by Fannie Mae and arranged by Greg Stampley and Lee Redmond with Eastdil Secured.

To learn more visit: https://www.livepark12.com

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 Properties was founded in 1992 by Mark Gleiberman with the mission to enrich communities. MG's current portfolio is comprised of over 32,000 rental homes in California, Washington, Arizona, Nevada, Colorado, and Oregon, across 113 communities. For additional information, visit www.mgproperties.com

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SOURCE MG Properties