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September 29, 2011

MG Properties Group

MG Properties Group, a private San Diego company, acquired The Park at Northgate for $22.3 million, financed with a $17.35 million loan from Guggenheim Commercial Real Estate and Pillar Multifamily Limited Liability Co. that was arranged by George Elkins Mortgage Banking Co. The balance of the purchase price was provided by MGPG's Private Capital Group, a pool of high-net-worth investors. MGPG plans $2 million in upgrades ton the 146 units, using its in-house construction services. MGPG Senior Vice President of Investments Justin Smith said it is pursuing other acquisitions.




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