MG Properties Acquires NOVO Broadway Apartments in Tempe for $100.25M

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Nov 17, 2023, 16:04 ET

SAN DIEGO, Nov. 17, 2023 /PRNewswire/ -- MG Properties, a leading real estate investment and management firm, announced today its $100.25M acquisition of NOVO Broadway Apartments (formerly known as Parc Broadway), a residential community located in Tempe, Arizona recently completed by Evergreen Devco, Inc..

MG Properties Acquires NOVO Broadway Apartments in Tempe for $100.25M

Key features of NOVO Broadway Apartments include its prime location in Tempe, offering residents easy access to growing employment centers anchored by large technology, manufacturing, and health care companies. The property's luxurious amenities, contemporary architecture, and commitment to fostering a sense of community distinguish it as a sought-after residential destination.

"NOVO Broadway Apartments is a high quality community that is well positioned to benefit from regional employment growth, making it an ideal fit for our long term investment strategy," said Jeff Gleiberman, President of MG Properties.

The sellers, Evergreen Devco Inc., were represented by Steve Gebing and Cliff David of IPA. Financing for the transaction was provided by Freddie Mac and arranged by Brian Eisendrath and Cameron Chalfant of IPA.

To learn more visit: http://www.novobroadway.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 102 communities. For additional information, visit www.mgproperties.com.

ABOUT EVERGREEN DEVCO, INC.
Founded in 1974, Evergreen specializes in retail, multifamily, industrial, and mixed-use developments, along with tenant rollouts, property, and asset management. Working throughout the nation, Evergreen has earned a reputation as an industry leader by delivering high-quality real estate developments and services reliably, efficiently, and cost-effectively. The company has over 70 employees, with offices in Arizona, Colorado, California, and Utah. Evergreen is currently engaged in the development of more than 70 retail, industrial, and apartment projects and has completed more than 650 projects. Visit evgre.com.

SOURCE MG Properties