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| Garden Grove Apartments, Tempe, AZ |
San Diego, CA -- MG
Properties Group, a private San Diego-based real estate investor and operator,
has announced the acquisition of two multi-family properties; the 376-unit Garden
Grove Apartments in Tempe, Arizona and the 72-unit Bella Vista
Apartments in Napa, California.
 |
| Mark Gleiberman |
Built in 1988, Garden Grove Apartments is an upgraded,
conveniently located infill property in south Tempe, with easy access to the
I-10 freeway and surrounded by a variety of retail amenities.
MG Properties Group
plans to invest nearly $1.5 million in capital improvements and plans to
enhance the property’s common area amenities to improve the ambiance for current and prospective
residents, including performing landscaping improvements and upgrading the
fitness facility and pools.
The improvements
will capitalize on the strong market conditions in Phoenix.
 |
| Bella Vista Apartments, Napa, CA |
Garden Grove
Apartments was purchased for $35.6 million from MetLife, Inc. The acquisition
was financed with a 10-year fixed-rate mortgage from Fannie Mae, arranged by
CBRE.
Napa, California:
Built in 1972, Bella Vista Apartments is a well-maintained
and conveniently located property in central Napa.
MG Properties Group plans to invest approximately $500,000 in
capital improvements. The property’s central location is one block from the
Queen of the Valley Medical Center, near the CA-29 highway, and convenient to
commercial and retail centers.
 |
| Rob Singh |
Bella Vista was purchased for $14.075 million from Trinity
Real Estate. The acquisition was financed with a 10-year fixed-rate mortgage
from Fannie Mae, arranged by Key Bank.
According to Rob Singh, MG Properties Group Chief
Investment Officer, “both properties are in strong sub-markets and therefore
should benefit from long-term rental rate growth.”
For a complete
copy of the company’s news release, please contact:
Lexi Astfalk or Jenn Quader
Brower, Miller & Cole
(949) 955-7940
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