US real estate investor MG Properties has acquired a 35-storey apartment community from Greystar for $309m (€297.5m).
MG Properties said the acquisition of the Park 12 Apartments property in downtown San Diego is the city’s largest apartment acquisition since 2020 and the third-largest ever.
Built in 2018, the Park 12 property features 43,000sqft of retail space. It is located in Ballpark Village next to Petco Park.
MG Properties said it has added 18 properties worth over $2.1bn to its portfolio in the past year, including the iPark 12 transaction.
Jeff Gleiberman, president of MG Properties, said: “As a San Diego-based company, we are very familiar with the dynamics of the city and believe it has tremendous opportunity for growth in the coming years.
“We believe this is an exceptional opportunity to acquire one of San Diego’s most iconic properties. This investment is consistent with our strategy of making long-term investments in high-quality properties.”
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