MG Properties Group acquired Artesa in downtown Menifee for $ 156 million, or $ 472,727 per unit. The seller was MBK Rental Living and this marks the fourth largest apartment sale in the history of the Inland Empire.
The 330-unit Class A apartment community in Meifee, California consists of 37 two- and three-story elevator-less buildings and eight open-plan floor plans. The buildings were let at a rate of more than 40 leases per month despite the impact of the pandemic.
One, two and three bedroom apartments range from 820 to 1,322 square feet. Apartment features and finishes include nine-foot-high ceilings, built-in linen closets, contemporary lighting, wood floors, and oversized walk-in closets. A fenced dog park with a pet watering station is part of the common facilities.
“The sale of Artesa was extremely timely in an exceptionally strong market in the Inland Empire,” said Craig Jones, President of MBK Rental Living. Multi-dwelling news.
“Thanks to a very professional team at MG and our existing relationship due to our previous work together in the sale of Mitchell Place to Murrieta, there were no challenges. The transaction from start to finish, despite the limitations due to COVID, went perfectly, ”he added. “Our community, with our parent company Mitsui & Co. Ltd., values relationships and strives to maintain a reputation for commitment and doing the right thing. MG was once again an excellent partner in this transaction and we are proud to put our project in their good hands.
Menifee is one of California’s fastest growing cities and is in an area of substantial economic expansion along the Interstate 215 corridor. The apartment community is located within walking distance of a certain number of restaurants, retailers and entertainment venues located in downtown Menifee, which spans 172 acres in the heart of the city.
The area is also home to the Menifee Campus of Mt. San Jacinto College, which is one of California’s fastest growing community colleges. Last month it was announced that MG Properties Group had acquired a 319 unit Rancho Cucamonga property in June.