SAN DIEGO, CA – MG Properties Group, a private San Diego-based real estate investor and operator, is further expanding its Sacramento presence, with the acquisition of Eleanor and H16 Midtown Apartments. The two newly combined communities are located along the 16th street corridor in the Midtown submarket of Sacramento.
Each community has an attractive contemporary design where residents benefit from a robust set of common area amenities, and can easily access a variety of walkable dining and entertainment options surrounding the properties.
“We are pleased to welcome these two additions to our portfolio of communities,” announced Jeff Gleiberman, President of MG Properties. “Both Eleanor and H16 allow us to further scale our regional portfolio while investing in a submarket that we believe has substantial growth potential.”
The sellers, The Grupe Company, SKK Developments, and Guardian Capital, were represented by Marc Ross and Hasina Ahmadi of CBRE. Financing for the transaction was led by CBRE Capital Markets’ Andrew Behrens, Jesse Weber, and Stephen Baird.

Powered by WPeMatico

FORT WORTH, TX – 37th Parallel Properties, a ;Richmond, VA-based multifamily real estate investment firm, announced the recent acquisition of The Heights of Cityview, a 344-unit, 1998-built multifamily asset located in Fort Worth, Texas on behalf of their investors and joint venture partners. This marks the firm’s seventh (7) acquisition in the Dallas-Fort Worth metro and twenty-seventh (27) in Texas, investing over $525 million in the state since its inception.
“We are excited to expand our Dallas-Fort Worth footprint with The Heights of Cityview acquisition, an institutional-quality asset in one of the fastest growing Fort Worth submarkets,” said Dan Chamberlain, Managing Partner. “With its affordable cost of living, business-friendly climate, and record in-migration, Dallas-Fort Worth has become a top choice for corporate relocations and expansions, driving robust population and job growth. The property is strategically located in Southwest Fort Worth near the Chisholm Trail Parkway, a $1.4 billion tollway connecting the Benbrook suburbs with downtown Fort Worth. This tollway has transformed the submarket, giving residents the ability to commute within minutes to some of the city’s largest economic centers,” says Chamberlain.
The property features a mix of one-, two-, and three-bedroom units with large floorplans averaging 984 square feet. The all-brick construction, low-density, and direct access garages provide a neighborhood feel. Apartment and community amenities include nine and ten-foot ceilings, 116 direct-access garages, renovated leasing center, clubhouse, and fitness center, as well as a resort-style pool with poolside putting green.
“The Heights of Cityview acquisition marks a continuation of our thematic investment strategy focused on acquiring institutional, core-plus, low-density product located in dynamic submarkets within the South and Southeast’s leading growth markets,” said Doug Fraser, who heads the acquisition efforts for the firm. “The property has experienced significant rental growth as demand for high-quality, low-density, garden product has quickly outpaced supply, in large part due to the effects of the COVID-19 pandemic and expanded work from home policies. We look forward to continuing to expand our presence in the Dallas-Fort Worth metro as we look for attractive opportunities amid market volatility,” says Fraser.
The asset will benefit from floating-rate agency debt, arranged by Cutt Ableson of Berkadia. The property will be managed on-site by RPM Living, founded in Austin, which manages over 112,000 units nationwide. 37th Parallel extends its appreciation to Taylor Hill of Institutional Property Advisors, who represented the Seller in the transaction.

Powered by WPeMatico

HOUSTON, TX – A partnership consisting of Better World Holdings and Crown Capital Ventures has bought Serenity at Cityside, a 362-unit rental development situated in the Galleria neighborhood of Houston, TX. The property, to be renamed Aura Galleria, is located at 6061 Beverly Hill Street.
Constructed in 1968, the development consists of a mix of one-, two- and three-bedroom floorplans distributed among 32 two-tale buildings. It is centrally located within the Galleria area two blocks from the Southwest Freeway, Houston’s principal Center City highway artery. The property is situated on a residential block immediately adjacent to well loved and upscale nightlife and entertainment offerings.
The new owners plot a $6-million modernization initiative that will include interior renovations and a range of community amenities. The acquisition price was not told.
Last November, the partnership bought the 449-unit Skylar Pointe Apartments in Houston’s Clear Lake neighborhood.
“The joint venture will initiate an intelligently applied capital improvement program that will boost this property’s value, as well as its appeal to young professionals,” said Reuven Bisk, president of Better World Holdings. “Our goal is to provide current and future residents with an enhanced, urban living experience.”
“We’re delighted to secure our second Houston acquisition in partnership with Reuven Bisk and the Better World team,” said Shia Grunzweig, founder and principal of Crown Capital Ventures. “In just a few small months, Better World has already demonstrated its expertise at building value at Skylar Pointe Apartments through a regimen of thoughtful, capital expenditures.”
“Aura Galleria will offer an upscale Galleria living experience at a price that’s affordable for upwardly mobile, urban professionals,” said Terri Clifton, founder and president of Better World Properties LLC. “By implementing Better World’s time-tested reinvestment strategies, this appealing property will soon reach its full potential.”

Powered by WPeMatico