San Diego, Calif. – September 18, 2015 – (RealEstateRama) — 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 multihousing 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.
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 20 years MG Properties Group has acquired 90 communities with its private investors and institutional joint venture partners totaling over 16,000 units, representing more than $2 billion in total asset value, including 7,700 units at a value of $1 billion in the past five years. The company’s current portfolio includes over 12,000 units in California, Washington, Arizona and Nevada. MG Properties Group employs 350 professionals with in-house expertise in acquisitions and underwriting as well as asset, property, construction and investment management.
Jenn Quader or Lexi Astfalk