MG Properties Pays $193M for Bay Area Community

Eleanor Apartments. Image courtesy of MG Properties MG Properties has acquired Eleanor Apartments, a Class…

Eleanor Apartments. Image courtesy of MG Properties

MG Properties has acquired Eleanor Apartments, a Class A, 333-unit community in Milpitas, Calif., for $193 million. Institutional Property Advisors represented the sellers, SummerHill Apartment Communities, The Resmark Cos. and Kennedy Wilson, and arranged the financing provided by Fannie Mae.

The property was subject to a $102 million construction loan in 2018, originated by PNC Bank.

Completed in 2021 and spanning 5.3 acres across three buildings, Eleanor Apartments is a five-story community that encompasses one- and two-bedroom apartments, ranging from 637 to 1,150 square feet and includes 10,000 square feet of ground-floor retail space. Interiors feature stainless steel appliances, quartz countertops, kitchen backsplash, wood-style plank flooring, walk-in closets, washer and dryer in all units and private patio and balcony in select units. Common-area amenities include a swimming pool, spa, fitness center, clubhouse, business center, community room and courtyard with barbecue area.

Located at 312 Gates Drive, the property is 7 miles from San Jose, roughly 13 miles from Fremont and close to interstates 680 and 880. The residents have access to several entertainment venues, with dining and retail options available in the surrounding area, including restaurants and a shopping mall within walking distance. Norman Y Mineta San Jose International Airport is 4.5 miles away.

The IPA team representing the seller included Philip Saglimbeni, Stanford Jones, Salvatore Saglimbeni and Alexander Tartaglia, while the financing was arranged by Brian Eisendrath and Cameron Chalfant.

MG Properties recently partnered with IPA for another Class A acquisition, a 300-unit community in Carson, Calif.

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