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| Trillium Papago Apartments, Phoenix, AZ |
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| Mark Gleiberman |
San Diego, Calif., March 4, 2015 – MG Properties Group, a
private San Diego-based real estate investor and operator, has announced the
acquisition of the Trillium Papago Apartments in Phoenix, Arizona.
The property consists of 270
luxury apartments built in 2007.
The property features an exceptional array of
common area amenities, including a resort-style pool and spa, modern fitness
center, movie theater, and pool room.
The property is located north-east of Phoenix Sky-Harbor
Airport, providing convenient access to multiple job corridors within the
region.
MGPG plans to rebrand the property as Ascent at Papago Park. Units
include nine-foot ceilings, full-sized washers and dryers, and a mix of 1, 2,
and 3-bedroom floor plans.
Trillium Papago was purchased for $36,220,000 from Trillium
Residential. The acquisition was financed with a 10-year fixed-rate mortgage
from Fannie Mae, arranged by CBRE.
According to Mark Gleiberman, MG Properties Group Chief
Executive Officer, “This acquisition reflects our continued belief in the long
term growth potential of the Phoenix market. The property’s excellent design
and central location position it well to benefit from further growth in the
region.”
Trillium Papago marks MG Properties Group’s fourth
acquisition in the past six months. The four acquisitions totaled approximately
700 units and $125,000,000 in combined purchase price. The company is targeting
further acquisitions in Arizona, California, Colorado, Nevada, Oregon, and
Washington.
For a complete copy
of the company’s news release, please contact:
Lexi Astfalk / Jenn Quader
Brower, Miller & Cole
(949) 955-7940
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