IE Business Daily Business news for the Inland Empire.
A 330-unit apartment complex in Menifee has been sold for $156 million.
Artesa at Menifee Town Center was purchased by MG Properties Group, a San Diego real estate company that invests, redevelops, and manages multifamily properties.
Irvine-based MBK Rental Living sold the property, a 15-acre development at 30414 Town Center Drive. That complex is near the Menifee Town Center, Center Pointe Shopping Center, and Menifee Lakes Plaza.
Artesa at Menifee Town Center opened in February 2020. Its sale price is $472,727 per unit.
“The Inland Empire has some of the strongest apartment fundamentals in the nation, and we are thrilled to be adding to our substantial portfolio there,” said Mark Gleiberman, MG Properties’ founder and chief executive officer.
MG Properties has purchased 19 communities in the last year with a combined value of $1.75 billion. Artesa at Menifee Town Center is its 11th purchase in the Inland Empire.
The company is pursuing more acquisitions in California, Washington, Oregon, Arizona, Nevada, Utah, Colorado, and Texas.
