MILPITAS, CA – MG Properties, a private San Diego-based real estate investor, owner, and operator purchased Eleanor Apartments, a 333-unit community Milpitas, CA for $193 million.
The community is in a premier Bay Area location defined by strong employment growth and desirability. Eleanor is a transit-oriented mixed use community with 10,000 sf 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, MG Properties’ President.
The sellers, SummerHill Apartment Communities, The Resmark Companies, and Kennedy Wilson, were represented by Philip Saglimbeni, Stanford Jones, Salvatore Saglimbeni, and Alexander Tartaglia from Institutional Property Advisors. Financing was provided by Fannie Mae and arranged by Brian Eisendrath and Cameron Chalfant of Institutional Property Advisors.