MG Properties Expands Arizona Portfolio with $107 Million Multifamily Deal
SAN DIEGO, Aug. 31, 2022 /PRNewswire/ — MG Properties, a private San Diego-based real estate investor, owner, and operator has purchased 2150 Arizona Ave South Apartments l for $107 million.
Rebranded as 2150 Apartments, this Chandler submarket of Phoenix boasts some of the most robust multifamily fundamentals in the metro due to its proximity to multiple job corridors, one of Arizona’s top school systems, award-winning master-planned communities, and relative affordability. With thoughtfully designed one, two, and three bedroom floor plans, the community offers a variety of options for area residents.
“The Phoenix economy has benefitted from tremendous growth, which we expect to continue during our long term investment horizon,” said Jeff Gleiberman, President of MG Properties. “2150 Apartments provides a value-add opportunity to continue a proven interior renovation program to increase rents, while staying below new construction rents.”
Seller was represented by Mark Forrester and Dan Cheyne with Berkadia. The acquisition of the community was financed with a loan from Fannie Mae, originated by Chuck Christensen and Lowell Takahashi with Berkadia.