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Mitsui & Co., Ltd. announced that wholly owned U.S. subsidiary, MBK Real Estate (MRE) has sold the Artesa at Menifee Town Center in Menifee, Calif., to MG Properties Group. The large-scale property developed by MRE sold for $156 million.
The sale price is one of the largest transactions ever for multifamily housing in the Inland Empire region, according to the release.
Artesa at Menifee Town Center is on 12.71 areas with 330 units, totaling 350,460 square feet.
Since entering the multifamily housing business in 2012, MRE has developed 11 projects and 2,900 units in California and has sold five developed properties, including this one.
