Transactions - JULY 28, 2022

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MG Properties acquires 333-unit community in Silicon Valley for $193m

by Released

MG Properties, a private San Diego–based real estate investor, owner and operator, has purchased Eleanor Apartments, a 333-unit community Milpitas, Calif., for $193 million.

The sellers are SummerHill Apartment Communities, The Resmark Cos. and Kennedy Wilson.

The community is in a premier San Francisco Bay Area location defined by strong employment growth and desirability. Eleanor is a transit-oriented mixed-use community with 10,000 square feet of ground-floor retail, completed in 2021. This luxury community has an attractive contemporary design and robust set of common area amenities, and residents can easily access a variety of walkable dining and entertainment options surrounding the property.

"We are pleased to be further growing our long-term presence in the Bay Area, a market that has strong potential for recovery after the impacts of the COVID crisis,” said Jeff Gleiberman, president of MG Properties.

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