A 35-story apartment tower looming over Petco Park has a new owner. MG Properties has acquired Park 12 Apartments in downtown San Diego for $309 million, adding 718 units to its home-market portfolio in one of the largest multifamily trades the region has seen in years.
The deal was described by REBusinessOnline as an acquisition of a 35-story multifamily tower in downtown San Diego, and MG Properties has called it the largest apartment acquisition in San Diego since 2020, according to a Connect CRE report. The company also says it was the third-largest apartment transaction on record in San Diego. Greystar was the seller, and the property sits within the Ballpark Village master plan, adjacent to Petco Park, home of the San Diego Padres.
Inside the Tower
Park 12 comprises 718 residential units spread across a 35-story high-rise and two mid-rise buildings, according to Commercial Observer. The property also includes 43,000 square feet of retail space, per the same report. Units range from studios to three-bedroom layouts, with penthouse residents getting exclusive access to a lounge on the 32nd floor, the outlet notes.
Occupancy at the property stood at 94 percent, according to Yardi Matrix data cited by Multi-Housing News. Average rents there reached $3,769 a month in 2025, up from $3,433 a month in 2021, per the same source. Sources differ on when the building was actually completed — Commercial Observer reported it was built in 2018, while RealPage stated Greystar completed it in 2019.
Who Put the Deal Together
Eastdil Secured represented Greystar in the sale, with Joseph Smolen and Geoff Boler handling the transaction on the seller's side, according to MG Properties. Fannie Mae provided acquisition financing, arranged by Eastdil Secured's Greg Stampley and Lee Redmond. Reports diverge on the size of that loan: Commercial Observer put the Fannie Mae financing at $168 million, while REBusinessOnline described the loan amount as undisclosed.
MG Properties, a San Diego-based firm specializing in the investment, redevelopment and management of multifamily assets, framed the purchase as part of a broader push to expand its footprint in its home market. The company cited Park 12's location and its outlook for San Diego as key factors behind the deal. In the twelve months leading up to the purchase, MG had added 18 properties to its portfolio totaling more than $2.1 billion, the company said.
A Standout Deal in a Cooling Market
Nationally, Park 12 stood out as the largest single-asset market-rate apartment transaction in the country during the first quarter of 2025, according to RealPage, which pegged the price at roughly $430,400 per unit. It was one of five deals nationwide that quarter ranging from $182 million to $309 million, concentrated in San Diego, Boston and Washington, D.C., per Multifamily Dive. Nationwide, about 1,277 apartment properties traded hands in that same quarter for roughly $30 billion, transaction volume that was down 38 percent from the prior quarter but up 36 percent year over year, Multifamily Dive reported.
The purchase also came as San Diego's rental market showed signs of tightening supply alongside rising demand. The region's multifamily vacancy rate climbed to 5.5 percent in the second quarter of 2026, up 60 basis points from a year earlier, according to a Kidder Mathews report. Average asking rent reached $2,453 per unit per month in that same period, while the construction pipeline shrank to 11,800 units under construction, down nearly 21 percent from the year before, per the same report. Net absorption, meanwhile, rose to 3,827 units year-to-date through the second quarter of 2026, up almost 40 percent from the same period a year earlier.
MG Properties has been active elsewhere in the region too, having acquired Pulse Millenia, a 273-unit property in Chula Vista, for $116 million, according to Multi-Housing News. The Park 12 transaction was later recognized with ApartmentBuildings.com's AB 100 Transaction of the Year award, which honors creativity, skill and success in the multifamily industry, according to Connect CRE.
