SAN DIEGO, CA – MG Properties Group, a private San Diego-based real estate investor and operator, has announced the acquisition of North Pointe Apartments in Vacaville, CA, 30 miles south of Sacramento.

North Pointe is a 312-unit apartment community built in 2004. The property is situated on 18 acres and offers a diverse mix of one-, two-, and three-bedroom units that average nearly 1,050 square feet and feature 9′ ceilings and full size washers and dryers. Resort-style amenities include a leasing center, separate clubhouse, fitness center, business center, movie theater, and a heated pool and spa. MG Properties Group plans to upgrade unit interiors and enhance common area amenities.

The sellers were represented by Eastdil Secured’s Multifamily Team. The acquisition was financed with a $55.9M Freddie Mac mortgage arranged by Brian Eisendrath and Cameron Chalfant of CBRE.

According to Mark Gleiberman, MGPG’s Chief Executive Officer, “Northern California’s strong economy continues to drive opportunities for acquisitions in the region. We are pleased to further grow our Northern California portfolio and are looking forward to improving the living experience at North Pointe for our residents.”

MG Properties Group has bought 11 properties in the past 12 months.  These acquisitions total over $874,000,000 in buy price and 4,050 units.  The company is targeting further acquisitions in Washington, Oregon, Arizona, California, Colorado, and Nevada.

MG Properties Group is a privately owned West Coast real estate owner and operator specializing in multi-housing assets. The company’s current portfolio includes 18,000 units in California, Washington, Oregon, Arizona and Nevada. MG Properties Group employs over 500 professionals with in-house expertise in acquisitions and underwriting as well as asset, property, construction and investment management.

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ST PETERSBURG, FL – HALL Structured Finance announced that the company has closed a new first lien loan totaling $35.5 million to finance the construction of The Vantage multifamily high-rise in St. Petersburg, Florida. The property developer is Michigan-based DevMar Development and the project is expected to be completed in September 2019.

“Diversification is a huge focus of ours this year, as we have primarily focused on hotel financing over the past several years, and The Vantage presented us with the opportunity to finance the construction of a high-quality multifamily project in a growing market,” said Mike Jaynes, president of HALL Structured Finance. “As institutional banks continue to pull back, we anticipate more asset allocation in 2018.”

The Vantage will consist of 211 Class-A, high-rise rental homes throughout 11 tales. The homes will average approximately 631 square feet and will be modern in design with brilliant finishes and open floor plans. Residents will also be able to take advantage of the views and gorgeous Florida weather with balconies that average over 100 square feet. Amenities at the property will include a rooftop pool, terrace and veranda, fitness center and yoga room. The property is located one mile from Downtown St. Petersburg within the “EDGE” district, an area defined by its walkability and boutique shopping, restaurants, nightlife and art galleries.

“The HALL Structured Finance team went above and beyond to provide us with a uniquely tailored, flexible approach to finance the construction of The Vantage, and we are thrilled to be getting started,” said Jason Fracassa, Vice President of Finance of DevMar Development. 

Mike Lemon and Matt Shane with Q10 Lutz Financial Services arranged the financing. HSF has now closed eight construction loans in Florida, and this is the third residential project the company has financed in Florida, preceded by the Gale Residences in Ft. Lauderdale, which closed in August 2016, and the Millennium at Citrus Ridge in Kissimmee, which closed in February 2017.

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