A recent press release announced that MG Properties, a private San Diego-based real estate investor, owner, and operator purchased Eleanor Apartments in Milpitas for $193 million. The housing community is a mixed-use development offering residential and retail spaces.
Named Eleanor, the apartments are built in a premier Bay Area location at 312 Gates Drive in Milpitas. The mixed-use is a transit-oriented community offering 333 apartments and retail space spanning an area of 10,000 square feet. The apartments are designed in one-bedroom and two-bedroom floor plans.
Completed in 2021, the luxury community features a contemporary design and active onsite amenities, and common spaces for the residents to enjoy. Onsite amenities include a fitness center, a spa & pool, co-working spaces, bike storage, electric car charging stations, and package lockers. Each spacious, pet-friendly floor plan showcases contemporary kitchens with stainless steel, energy-efficient appliances, quartz countertops, and designer finishes.
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.
About MG Properties: MG Properties is a privately owned, fully integrated real estate company specializing in the investment, redevelopment, and management of multi-family assets. Headquartered in San Diego, California, MG was founded in 1992 by Mark Gleiberman with the mission to enrich communities. MG’s current portfolio is comprised of over 28,000 rental homes in California, Washington, Arizona, Nevada, Colorado, and Oregon, including 90 communities.