MG Properties Group has furthered its presence in the Inland Empire, acquiring The District Apartment Homes. Formally known as The District at Grand Terrace, MG Properties Group purchased the property from Tower 16 Capital Partners for $88 million.
The District Apartment Homes is a class B apartment community built in in two phases in 1980 and 1986 in Colton, Calif. The Inland Empire is experiencing strong rental demand driven by logistic and healthcare jobs. The property is a value-add opportunity to significantly improve unit interiors in a market that is experiencing high demand for clean and affordable apartments. MG Properties Group owns and manages seven other apartment communities in the Inland Empire and will be able to enhance management through economies of scale.
MG Properties Group has purchased seven communities in the past 12 months. These acquisitions totaled over 2,100 units and $700 million in combined value. The company is targeting further acquisitio
