SAN DIEGO – October 22, 2020 – Berkadia announced the recent sale of Mitchell Place, a brand-new, luxury apartment-townhome community located in Murrieta, California. Investment Advisors John Chu, Ed Rosen and Tyler Sinks of Berkadia’s San Diego office handled the transaction. Despite the challenging capital markets environment, the Berkadia Team was able to source financing for the buyer and complete the sale. The deal closed on October 14.
Berkadia represented the seller, Mitchell Multifamily, LLC, an affiliate of MBK Rental Living LLC, based in Orange County. The buyer was MG Properties based in San Diego. Financing was facilitated by Charles Christensen of Berkadia’s Irvine, California office, securing a Fannie Mae loan on MG Properties behalf.
“The tremendous growth in the Medical and Big Tech industries within the Inland Empire, coupled with historic low interest rates and the short supply of quality multifamily product, continues to fuel demand for Class A Multifamily assets such as Mitchell Place,” said Chu. “Both MBK Rental Living and MG Properties’ level of professionalism helped get this incredible investment opportunity across the finish line despite these tumultuous times.”
Completed in 2019, this recently constructed luxury community features one-, two- and three-bedroom open floor plans with quartz countertops, stainless-steel appliances, walk-in closets, wood-style flooring and private garages. The property offers a true five-star amenity package reflecting its “Best in Class” multifamily offering in the submarket. Resort-style pool with luxury cabanas, outdoor lounge with TV and fireplace, 24-hour professional fitness center with professional Technogym equipment, clubhouse with full kitchen and smart learning thermostats are amongst the amenities at Mitchell Place.
MG Properties Makes $78M Luxury Purchase | Multi-Housing News