Real Estate Investor Group Buys Arizona Apartments For $101 Million

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Real estate investor group buys Arizona apartments for $101 million

A private San Diego-based real estate investor and operator, has announced the acquisition of Lakeview at Superstition Springs Apartments, a 676-unit apartment community on the east side of Mesa, Arizona, according to a release.

MG Properties Group announced the purchase of the apartment community built in two phases between 1995 and 1998 within the Superstition Springs Master plan.

The company plans to continue the interior upgrade program in progress and enhance common area amenities, according to the release.

Phoenix attractive market for real estate investor group

"Phoenix continues to be an attractive rental market with strong employment growth and net in-migration,” Mark Gleiberman, MGPG's Chief Executive Officer, said in the release. “Lakeview at Superstition Springs is positioned to capitalize on this in a walkable location with access to major employers.”

The property offers drive-by visibility from two major cross-streets and is surrounded by some of the East Valley's largest employers. Lakeview is situated on over 38 acres featuring five lakes and walking paths throughout.

 The property offers a unit mix of one-, two-, and three bedroom units including townhomes. Other resort-style amenities include four swimming pools and spas, a fitness center, two resident clubhouses and lakeside ramadas with barbeques.

 MG Properties Group plans to continue the interior upgrade program in progress and enhance common area amenities.

The sellers were represented by Tyler Anderson, Sean Cunningham, Asher Gunther and Matt Pesch of CBRE. The acquisition was financed with a $70.7M Fannie Mae Loan arranged by Rocco Mandala of CBRE.   

Group targeting acquisition in other Western states

MG Properties Group has purchased 11 properties in the past 12 months.  These acquisitions total over $817,000,000 in purchase price and 4,000 units.  The company is targeting further acquisitions in Washington, Oregon, Arizona, California, Colorado, and Nevada.

About:

MG Properties Group (www.mgproperties.com) is a privately owned West Coast real estate owner and operator specializing in multi-housing assets. Over the last 25 years, MG Properties Group has acquired 110 communities with its private investors and institutional joint venture partners totaling over 23,900 units, representing more than $3.9 billion in total asset value, including 15,400 units at a value of $2.8 billion since 2010. The company's current portfolio includes 17,000 units in California, Washington, Oregon, Arizona and Nevada. MG Properties Group employs over 500 professionals with in-house expertise in acquisitions and underwriting as well as asset, property, construction and investment management.

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