MG Properties Expands Arizona Portfolio with $107 Million Multifamily Deal

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Aug 31, 2022, 17:27 ET

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.

MG Properties Expands Arizona Portfolio with $107 Million Multifamily Deal

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.

To learn more visit: https://www.2150apartments.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 88 communities. For additional information, visit www.mgproperties.com.

ABOUT BERKADIA®:

Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients' assets. To learn more about Berkadia, please visit www.berkadia.com.

SOURCE MG Properties