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| Mark Gleiberman |
San Diego, CA (Sept. 18,
2015) – MG Properties Group, a private San Diego-based real estate investor and
operator, has announced the acquisition of two multifamily properties
encompassing 722 units in the largest multi-housing bulk transaction in the
history of Reno, Nevada.
MG Properties acquired the
Vizcaya Hilltop Apartments and the Village at Iron Blossom Apartments in
Reno, Nevada, bringing its regional portfolio to over 1,100 units.
Vizcaya Hilltop Apartments
is a 318-unit property built in 1991, and the Village at Iron Blossom
Apartments consists of 404 apartment homes built in 1984. Both locations
provide convenient access to freeways, employment centers, retail, and nearby
entertainment options.
Each property includes a mix of 1, 2, and 3
bedroom units, providing a variety of options for residents, and the properties
feature extensive common area amenities.
MG Properties plans to renovate both properties, upgrading unit
interiors, common area amenities, and addressing deferred maintenance
items.
The total purchase price
for the two properties was $68.1 million. The brokers for the transaction were
Newmark Grubb Knight Frank, Mission Capital, and Auction.com. Financing was arranged by Brooks Benjamin at KeyBank National
Association.
According to Mark Gleiberman, MG Properties Group’s
chief executive officer, “The potential to create value through renovations and
upgrades to these properties makes them an excellent fit for our fully
integrated investment and management platform.
These assets will bring added value to our existing portfolio.”
MG Properties Group has
purchased eight properties in the past year, totaling approximately 2,600 units
and $370,000,000 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:
Jenn Quader or Lexi
Astfalk
(949) 955-7940
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