MG Properties, a local real estate company, recently acquired Park 12 Apartments in downtown San Diego. The high-rise building has 35 stories and includes 43,000 square feet of retail space. This $309-million purchase is the biggest apartment acquisition in San Diego since last year and the third-largest in the city’s history according to MG Properties.
Constructed in 2018, Park 12 is situated within Ballpark Village near Petco Park where the San Diego Padres play. “As a company based in San Diego, we are well-versed with its market dynamics and see great potential for growth,” stated Jeff Gleiberman, president of MG Properties. “We view this as an exceptional opportunity to own one of the most iconic properties in our city. It aligns with our strategy of investing long-term into top-quality properties.”
The seller was Greystar who was represented by Joseph Smolen and Geoff Boler from Eastdil Secured. Financing for this acquisition was provided by Fannie Mae through arrangements made by Greg Stampley and Lee Redmond from Eastdil Secured.
