MG Properties Group Acquires Artesa at Menifee Town Center for $156M
MG Properties Group purchases 330-unit multifamily property in Menifee from MBK Rental Living for $156M.
MG Properties Group has acquired Artesa at Menifee Town Center, a 330-unit multifamily property in Menifee, from MBK Rental Living for $156M. The property was marketed by Rachel Parsons and Derrek Ostrzyzek of Berkadia and Cameron Chalfante of CBRE.
Located at 30414 Town Center Dr., Artesa at Menifee Town Center was built in 2020 and features a mix of one-, two-, and three-bedroom units. The property includes a fitness center, pool, spa, clubhouse, and outdoor lounge areas.
The sale price of 156M equates to a per-unit price of 472,727. This is a strong price for a property that is less than two years old, indicating strong demand for multifamily properties in the Inland Empire region.
MG Properties Group is a San Diego-based real estate investment firm that specializes in the acquisition, development, and management of multifamily properties. The firm currently owns and manages over 20,000 units across the Western United States.
MBK Rental Living is a California-based developer and operator of multifamily properties. The firm has developed over 10,000 units across California and Arizona.
Berkadia and CBRE are two of the largest commercial real estate brokerage firms in the world. Rachel Parsons and Derrek Ostrzyzek are based in Berkadia’s Los Angeles office, while Cameron Chalfante is based in CBRE’s Newport Beach office.
The acquisition of Artesa at Menifee Town Center is a strong addition to MG Properties Group’s portfolio and demonstrates the continued demand for multifamily properties in Southern California. With strong job growth and limited new construction, the Inland Empire region is expected to remain a strong market for multifamily investment in the coming years.