MG Buys Big in Anaheim
The demand for apartments in Orange County might not be growing as rapidly as it did during and right after the recession, but MG Properties president Mark Gleiberman (snapped at a Bisnow event) tells us it's stabilized at a healthy level, which was one of the reasons for his company to add to its portfolio in a big way. It recently acquired the 768-unit Madison Park Apartments in Anaheim in partnership with Intercontinental Real Estate Corp of Boston. MG also owns the comparable 402-unit Crystal View Apartments in Garden Grove.
Mark adds that the properties, for the foreseeable future, will continue to benefit from the growth of the region's job base, which is fairly diverse. A private multifamily investment firm sold Madison Park to MG and Intercontinental for an undisclosed price, with Institutional Property Advisors' Greg Harris and Kevin Green repping the seller. The buyers repped themselves. The deal is the largest single apartment property by number of units to trade hands in SoCal since 2013.