It appears that apartment owners with acquisitions on their mind had their sights firmly fixed on the West Coast this week. From north to south along the Pacific shoreline, properties continue to trade at a premium. Here’s a look at a few of the deals announced this week:
San Diego-based MG Properties Group acquired two multifamily properties in California. The first, a 344-unit garden property in Temecula, was purchased for $38 million. The other, a 72-unit mid/ high rise in Daly City, Calif., was acquired for $21.4 million. The Daly City property was 86 percent occupied at the time of sale and renovations are planned.
First Class Oak Creek Apartments purchased a 100-unit complex in Santa Rosa, Calif. for $15 million.
San Diego-based R & V Management purchased a 412-unit property in San Diego for $91 million. R&V will not convert any units to for-sale condos for three years.
Seattle-based Security Properties purchased a 192-unit community in Newcastle, Wash. for $30.4 million. It also acquired a 59-unit asset in Seattle for $20 million.
If your company just closed a deal on a multifamily property, we want to know about it. Send details of the acquisition to dmearns@hanleywood.com.