MILPITAS, CA – MG Properties, a private San Diego-based real estate investor, owner, and operator bought Eleanor Apartments, a 333-unit community Milpitas, CA for $193 million.
The community is in a premier Bay Area location defined by strong employment growth and desirability. Eleanor is a transit-oriented mixed use community with 10,000 sf of ground floor retail, completed in 2021. This luxury community has an attractive contemporary design and robust set of common area amenities, and residents can easily access a variety of walkable dining and entertainment options surrounding the property.
“We are pleased to be further growing our long-term presence in the Bay Area, a market that has strong potential for recovery after the impacts of the Covid crisis”, said Jeff Gleiberman, MG Properties’ President.
The sellers, SummerHill Apartment Communities, The Resmark Companies, and Kennedy Wilson, were represented by Philip Saglimbeni, Stanford Jones, Salvatore Saglimbeni, and Alexander Tartaglia from Institutional Property Advisors. Financing was provided by Fannie Mae and arranged by Brian Eisendrath and Cameron Chalfant of Institutional Property Advisors.

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HILTON HEAD, SC – ACRE, a global real estate private equity firm, announced it has broken ground on Pepper Hall Multifamily, a high-end 331-unit multifamily property in Bluffton-Hilton Head, South Carolina. The project is being developed in partnership with Charleston, SC-based Southeast Partners. With construction underway, Pepper Hall is scheduled to officially open in Spring 2024.
Located 11 miles west of Hilton Head Island within a newly developed, mixed-use master-plotted community, Pepper Hall will feature a mix of one- and two-bedroom residences, with an average size of 938 square feet. Unit interiors will feature best-in-class finishes and smart-home technology. Residents of Pepper Hall will have access to a full suite of high-quality amenities including a clubhouse, resort-style pool, fitness center, yoga studio with Fitness-on-Demand, and pocket parks adjacent to each building.
ACRE remains focused on identifying unique multifamily and single-family development opportunities in high-growth coastal markets in the Southeast, said Bret Hewett, Vice President of Acquisitions for ACRE. We re very excited to partner with an accomplished firm in Southeast Partners to bring our vision for this development to life, and we’re thrilled to expand our footprint to an under-supplied submarket situated in a region that continues to see healthy economic growth and exceptionally strong demand for affordable high-quality apartments.
Pepper Hall is located less than 20 miles northeast of Savannah, Georgia, in one of the Southeast s fastest growing regions. Since 2000, the market has seen its population increase by approximately 55 percent, as residents continue to relocate to the area due to its attractive lifestyle, access to various outdoor amenities including the Atlantic Coast, and low cost-of-living.
Through a series of equity and debt funds, ACRE manages more than $3.2 billion in assets across private real estate investments and loans. The firm specializes in value-add, multifamily opportunities and invests in workforce and affordable housing assets in strategic growth markets. ACRE s unique approach to managing its diverse portfolio of multifamily properties includes an intentional focus on making added value for residents that extends beyond the four walls of their homes. By establishing a sense of community among residents through socially impactful investments and sustainable green measures, ACRE effectively improves tenant retention and generates stable, cash-flowing properties.

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SEATTLE, WA – Security Properties and Tokyu Land US Corporation bought Summit Riverside, a multifamily property located in Littleton, CO for $78,500,000. Security Properties now owns five market-rate assets totaling over 1,500 units in Colorado, having successfully sold two prior assets in 2020 & 2021. The Property is Tokyu’s first investment in the Denver MSA.
Summit Riverside consists of 248 units spread out across 21 residential buildings located directly adjacent to the South Platte River. The residential units are a mix of studio, one and two-bedroom floorplans with an average unit size of 777 SF.
The Property is located in Littleton, Colorado on the South Platte River. The site is best characterized by its mature landscaping and park-like feel that offers direct access to the Mary Carter Greenway and Platte River trails, which connect to downtown Denver and to the metro area’s extensive network of hiking and biking trails. Littleton features charming main streets, an emphasis on outdoor recreation, and convenient public transit options. Located just 20 minutes outside of downtown Denver and 15 minutes away from the Denver Technological Center (DTC) Business Corridor, residents and businesses alike are drawn to the high quality of life in the area while still enjoying the convenient amenities of a major metropolitan area.
Summit Riverside is surrounded by major retail including three shopping centers and walking distance to King Soopers, providing residents with quick access to many major necessities. Additionally, Historic Downtown Littleton is less than five minutes from the property, offering boutique shopping, quality dining, and additional entertainment options.
According to Tad Johnson, Director at Security Properties, “Summit Riverside is a strong example of one of our primary investment theses, which is to identify desirable and well located Properties within supply constrained submarkets. The unique site-plot offers an attractive setting for Security Properties to make needed improvements to the physical asset. We are very excited to add Summit Riverside to our greater Denver portfolio and look forward to delivering compelling returns to our investors over our hold.”
Ben Cherney, Vice President of Acquisitions for Tokyu Land Corporation added “We are very excited to expand the TLUS footprint with our entry into the Denver market. This investment checks all our boxes: 1. Fantastic location, 2. Opportunity to add value, 3. Fantastic partner. We look forward to being a part of improving this asset and in turn, the living experience for our residents.”
The property will be managed by Security Properties-affiliate Security Properties Residential.

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