Orange County, California – We have Commercial Real Estate news from the O.C., Orange County, California. The Crystal View apartments have sold for $53 million. Phoenix Realty Group (PRG) and MG Properties Group (MGPG) are the investors who acquired the Crystal View apartments. One of MG Properties senior leaders said that the firm’s operating platform combined with Phoenix Realty Group’s experience and resources make the partnership a dominant force. Last year, Phoenix Realty Group acquired over 2,000 apartment units nationally. This slice of their Investment Property portfolio has an estimated value of $250 million.
This Investment Property is said to offer quality and affordable apartment units to residents of Garden Grove, California’s. This commercial real estate development was built in 1968 and has undergone extensive renovations over the years. The Apartment Building complex is located at 12091 Bayport Street in Garden Grove, California with the zip code of 92840. The Investment Property, Crystal View, has 402 Units. The apartment complex offers one-bedroom and two bedroom apartments and studios. The Investment Property also offers high-end amenities including tennis and basketball courts, fitness center, movie room and clubhouse.
This Investment Property was acquired on behalf of a Phoenix Realty Group institutional real estate fund. The commercial property investors will keep approximately a fifth of the units, to be saved for people making half of the area’s median income. That would be Tenants who earn approximately $30,000 a year or less. The commercial property buyers intend to provide affordable housing with this property that is ideally located for people working at the Disney Resort, Orange County resort hotels, or The Block at Orange.
The Block at Orange is a beautiful open air retail shopping center. The Block at Orange features the best names in manufacturers and retail outlets such as Old Navy, Ann Taylor Factory Store, Neiman Marcus Last Call Store, and Saks Fifth Avenue OFF 5th. The Block at Orange also offers high quality entertainment venues including the AMC 30 Theatres, Dave & Buster’s, Vans Skatepark, and Lucky Strike Lanes. Dining can complete the night at Block at Orange with many delectable restaurants.
This Commercial Real Estate development is situated in Garden Grove and within three miles of 60,000 jobs. The Commercial Real Estate investors purchased Crystal View as it was a great fit for their investment strategy. This Commercial Real Estate development is very close to major freeways and some of Orange County’s biggest employers. This Investment Property is near Disneyland and the University of California Irvine Medical Center.
This Commercial Real Estate acquisition had attractive Investment Property financing available. The Investment Property was financed with assumable tax-exempt bond financing. This was the result 0f having 20% of the apartment units reserved for households making 50% or less than the area median income.
MG Properties Group specializes in the acquisition, development, rehabilitation and management of apartment communities throughout the western United States. With a commitment to “Enriching Lives Through Better Communities,” the company has provided thousands of quality living spaces for its residents, produced excellent returns for its investors, and created fulfilling career opportunities for its employees.
Since 1992, the company has acquired or managed over 90 properties totaling over 11,600 units. Today, MG Properties Group manages over 7,000 apartment homes in over 40 communities in high-growth cities in California, Arizona and Washington. The company’s apartment investment portfolio has a total market value of over $700 million.
MG Properties Group has an investment strategy of maintaining an adherence to geographic and property specialization. MG Properties Group concentrates on apartment investments in beautiful Southern California, Phoenix, Tucson, and the San Francisco Bay Area. MG Properties Group invests heavily in Seattle. MG Properties Group focuses on obtaining under-performing or value-add commercial properties.
MG Properties Group has established investment partnerships so to structure each investment with the opportunity of a return on investment to MG Properties Group and their partners. This strategy, along with outstanding historical financial returns, has attracted a group of over 160 loyal commercial real estate investors. These commercial real estate investors have been successful so they return to invest in MG Properties Group partnerships.
We have Net Lease Properties to purchase for commercial real estate investors in need of a 1031 exchange replacement property.
