MG Properties Acquires 312-Unit Community in North Las Vegas for $81M

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Jan 20, 2023, 09:06 ET

SAN DIEGO, Jan. 20, 2023 /PRNewswire/ -- MG Properties, a private San Diego-based real estate investor, owner, and operator, is further expanding their presence in the Las Vegas metro with the acquisition of Tribeca North Apartment Homes. This is the first acquisition of 2023 for MG Properties after acquiring 18 properties in 2022 totaling nearly $2 billion.

MG Properties Acquires 312-Unit Community in North Las Vegas for $81M

This 312-unit community offers luxury low-density apartments with an attractive design, resort-style amenities, and functional floorplans with available garages. Tribeca North offers an ideal location providing access to employment centers including over 57 million square feet of industrial buildings in North Las Vegas, the recently approved 2.3 million square feet Helios mixed-use medical campus, and minutes to the Las Vegas Strip.

"We are pleased to be further growing our long-term presence in the Las Vegas metro," said Jeff Gleiberman, President of MG Properties. "This community is situated in a highly desirable submarket which has experienced exponential population and job growth throughout the past decade."

In addition to this new acquisition, MG Properties operates over 2,000 units in the greater Las Vegas area and is well-positioned to leverage management efficiencies and benefit from economies of scale.

The seller, The Bascom Group, was represented by Spencer Ballif, Adam Schmitt, and Jannie Mongkolsakulkit of CBRE. The property was financed by a Fannie Mae loan provided by Bryan Frazier and Blake Hockenbury of Walker & Dunlop.

This is the first acquisition of 2023 for MG Properties.

To learn more visit: https://www.livetribecanorth.com

ABOUT MG PROPERTIES

MG Properties is a privately owned, fully integrated real estate company specializing in the investment, redevelopment, and management of multi-family assets. Headquartered in San Diego, California, MG was founded in 1992 by Mark Gleiberman with the mission to enrich communities. MG's current portfolio is comprised of over 28,000 rental homes in California, Washington, Arizona, Nevada, Colorado, and Oregon, including 97 communities. For additional information, visit www.mgproperties.com.

SOURCE MG Properties