MG Properties, a San Diego-based private real estate investor, owner and operator, in a joint venture with Rockwood Capital, has bought Domain San Diego, a multifamily community in Kearny Mesa, from Magnolia Capital.
Domain San Diego is a 379-unit community that offers studio, one and two-bedroom apartments with community amenities. It is located in Kearny Mesa, a San Diego submarket that according to MG Properties, has been underserved in terms of multifamily housing.
“Kearny Mesa is expected to experience significant growth in the near future as a pedestrian-friendly market,” says Jeff Gleiberman, MG Properties president. “Adding Domain to our portfolio is a value-add opportunity to renovate remaining classic units and add strategic enhancements to further elevate the community.”
Magnolia Capital was represented by Eastdil Secured in this transaction.