MG Properties Acquires 718-Unit Park 12 – The Collection From Greystar For $309 Million

The transaction involved the sale of a multifamily property located at 100 Park Plaza, 101 Park Plaza, and 201 Park Boulevard in the San Diego market. The asset includes a total of 718 units, and it was sold for $309,000,000, resulting in a price per unit of $430,362.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $309,000,000
• Units: 718
• Price Per Unit: $430,362
• Buyer: Jeff Gleiberman - MG Properties
• Seller: Bob Faith - Greystar
• Brokers: Geoff Boler & Joseph Smolen - Eastdil Secured
• Mortgage Brokers: Greg Stampley & Lee Redmond - Eastdil Secured

This sale represents the largest apartment transaction in San Diego since 2020, with MG Properties acquiring the 718-unit Park 12 – The Collection from Greystar. The deal included $168 million in Fannie Mae financing and demonstrates MG Properties' strategy of expanding its portfolio following a significant sale in California from the previous year.