SAN DIEGO, CA – MG Properties Group, a private San Diego-based real estate investor and operator, is further expanding its presence in the Inland Empire, announcing the acquisition of The District Apartment Homes. Formally known as The District at Grand Terrace, MG Properties Group bought the property from Tower 16 Capital Partners for $88,000,000.
“We are pleased to be further growing our long-term presence in the Inland Empire, a market that has strong opportunity due to its economic growth, affordability, and convenience,” said Mark Gleiberman, MG Properties Group’s Founder & CEO.
The District Apartment Homes is a class “B” apartment community built in in two phases in 1980 and 1986 in Colton, CA.The Inland Empire is experiencing strong rental demand driven by logistic and healthcare jobs. The property is a value-add opportunity to significantly improve unit interiors in a market which is experiencing high demand for clean and affordable apartments. MG Properties Group owns and manages 7 other apartment communities in the Inland Empire and will be able to enhance management through economies of scale.
MG Properties Group has bought 7 communities in the past 12 months. These acquisitions totaled over 2,100 units and $700 million in combined value. The company is targeting further acquisitions in Washington, Oregon, Arizona, California, Colorado, and Nevada.
The seller was represented by Christopher Zorbas, Alex Garcia and Tyler Martin of IPA. The property was financed with a 10-year fixed rate loan in the amount of $57,200,000 arranged by Brian Eisendrath and Cameron Chalfant of CBRE.

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FORT COLLINS, CO – Mission Rock Residential announced a new management contract in its home state of Colorado, this time for The Wyatt Apartments in Fort Collins. The company has been issued an agreement for the management of the 368-apartment community by Hamilton Zanze.
This newly built community is located off of the Colorado Front Range’s major north-south corridor, I-25. The community sits on 24 acres nestled in southern Fort Collins near the Timnath, Morningside, and Woodland Park neighborhoods. Convenient access to the highway means a sixteen-minute drive to the heart of downtown Fort Collins and Colorado State University.
“The Wyatt is a standout, new rental community on the southern end of Fort Collins, an area that is seeing continuous demand and growth,” said Meredith Wright, President of Mission Rock Residential. “The robust amenity package offers Fort Collins’ wellness-focused residents a rich living experience. We look forward to bringing our best-in-class management practices to this top-notch property.”
One, two, and three-bedroom apartment homes are available within the pet-friendly community. Other stand out features at The Wyatt include large, walk-in closets, pantries, stainless-steel appliances, LED-lit bathroom mirrors, wood-style flooring, quartz countertops, and private patios or balconies. The property’s smart home system, a unique offering for the Fort Collins area, includes smart locks, smart thermostats, smart lights, and a wireless water leak detection system inside each home. Bike & ski repair room, package services, gated security, a state-of-the-art fitness center, and electric vehicle charging stations give the community a high end, luxurious feel.
The Fort Collins metro area, just one hour north of Denver, is becoming a well-loved hub for Northern Colorado residents. The city plays host to robust manufacturing, high tech, higher education, and government sectors with major brands like Anheuser-Busch and Otter calling the city home. As a land grant university, Colorado State University is one of the country’s leading research universities with strong emphasis on vector-borne infectious disease, veterinary medicine, atmospheric science, clean energy technologies, and environmental science – all programs seeing growing interest from today’s student populations.

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GOODYEAR, AZ – Privately-held real estate investment firm, 29th Street Capital (29SC), has bought Lunaire Apartments. The buy marks the firm s 14th multifamily acquisition in the Phoenix metro area, totaling nearly 2,700 units in the market.
Built in 2008, Lunaire Apartments is a Class A-, 240-unit asset located in the West Valley submarket of Phoenix. 29SC s capital improvement plot includes a full renovation of the remaining classic, unrenovated units, amenities enhancements and new exterior paint. 29SC s in-house property management group, Haven Residential, will oversee management and leasing at Lunaire Apartments. We believe this investment represents a unique opportunity to buy an under-valued, institutional quality asset in a high-growth submarket in Phoenix, said Dusty Eddy, 29SC s Senior Vice President of Acquisitions based in Phoenix.
Since 2010, Goodyear has achieved population growth of more than 34%, with metro Phoenix adding 120,000 residents in 2020. Lunaire Apartments is located at 949 S. Goodyear Blvd. E, approximately 20 miles west of downtown Phoenix. The property stands to benefit from its central location, situated in the rapidly growing I-10 and Loop 303 industrial corridors with simple access to downtown Phoenix and the East Valley.
The I-10 and Loop 303 industrial corridor area submarkets have shown very strong growth in both population and jobs, Eddy added. Lunaire s proximity to top employers such as Amazon, Chewy, Microsoft, and Boeing is already a plus. The plotted renovations and extension of major highway Loop 303 will make it even more desirable.
Due to a major industrial presence, Goodyear has experienced robust job and population increases and is expected to continue growing. Economic development officials expect that the existing supply of 31.5 million square feet of industrial space is expected to more than double over the next five years, as large companies continue to eye Goodyear for potential development due to its extremely business-friendly environment. The Arizona Chamber of Commerce & Industry named Goodyear the 2020 Best City for Business for its business-friendly customer service, ability to attract industry, reduce regulatory burdens and work with business to improve the local quality of life. Goodyear is ranked nationally as a being a fantastic place to live.

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