IE Business Daily Business news for the Inland Empire.
A San Diego company that buys and restores apartment complexes has purchased a high-end property in Temecula.
MG Properties bought Tuscany Ridge Apartments for $39 million, announced this but in fact the company’s fifth acquisition of 2014, according to globest.com.
The seller was an investor whose name was not disclosed. The sale is being paid for with a 10-year, fixed-rate mortgage from Fannie Mae, the report stated.
The apartment complex is near several other properties owned by MG Properties including Saga Canyon Apartments, a 344-unit multifamily property, which is next door.
Built in 1999, Tuscany Ridge Apartments consists of 220 luxury apartments of one, two and three-bedroom floor plans. MG Properties plans to spend more than $3.3 million to upgrade the property, according to the report.
