Mark Gleiberman Of MG Properties Acquires Multifamily Asset From JLL Income Property Trust For $91M

The multifamily asset involved in this transaction is located at 2930 Barnard Street in San Diego, consisting of 180 units. The property was sold for $91,000,000, resulting in a price per unit of $505,556. The asset was built in 2015, and it indicates a strong demand for newer coastal multifamily developments.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $91,000,000
• Buyer: Mark Gleiberman - MG Properties
• Seller: JLL Income Property Trust
• Broker: CBRE
• Lender: Fannie Mae
• Units: 180
• Price Per Unit: $505,556

Mark Gleiberman, representing MG Properties, was the buyer in this deal, while JLL Income Property Trust served as the seller. The transaction was facilitated by CBRE, which arranged the deal that included a refinancing through Fannie Mae for a $40.5 million mortgage at a 3.83% coupon rate.