330-Unit Apartment Complex Sells For $156M In Menifee

MENIFEE, CA — A 330-unit apartment community in Menifee has sold for $156 million, representing the fourth largest transaction of its kind in the Inland Empire, according to the seller.

MBK Rental Living announced Thursday it sold its Artesa at Menifee Town Center to MG Properties Group. The sale price of $156 million represents $472,727 per unit.

Opened in February 2020, the 15-acre apartment community consists of 37 two-and three-story walk-up buildings. Comprising eight different floor plans, the one-, two- and three-bedroom residences range from 820 to 1,322 square feet.

The apartment community on Town Center Drive is located along the Interstate 215 corridor.

The sale marks the second significant transaction within the last year between MG and MBK in Southwest Riverside County. In October 2020, MBK announced the sale of its 230-unit Mitchell Place Apartments on Mitchell Road in Murrieta.

“The Inland Empire has some of the strongest apartment fundamentals in the nation, and we are thrilled to be adding to our substantial portfolio there,” said MG Properties CEO and Founder Mark Gleiberman. “We are pleased to complete another transaction with the MBK team, and believe that their well-designed, high-quality product will be well-received by residents.”