San Diego, Calif., – March 4, 2015 – (RealEstateRama) — MG Properties Group, a private San Diego-based real estate investor and operator, has announced the acquisition of the Trillium Papago Apartments in Phoenix, Arizona.
The property consists of 270 luxury apartments built in 2007. The property features an exceptional array of common area amenities, including a resort-style pool and spa, modern fitness center, movie theater, and pool room.
The property is located north-east of Phoenix Sky-Harbor Airport, providing convenient access to multiple job corridors within the region. MGPG plans to rebrand the property as Ascent at Papago Park. Units include nine-foot ceilings, full-sized washers and dryers, and a mix of 1, 2, and 3-bedroom floor plans.
Trillium Papago was purchased for $36,220,000 from Trillium Residential. The acquisition was financed with a 10-year fixed-rate mortgage from Fannie Mae, arranged by CBRE.
According to Mark Gleiberman, MG Properties Group Chief Executive Officer, “This acquisition reflects our continued belief in the long term growth potential of the Phoenix market. The property’s excellent design and central location position it well to benefit from further growth in the region.”
Trillium Papago marks MG Properties Group’s fourth acquisition in the past six months. The four acquisitions totaled approximately 700 units and $125,000,000 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 81 communities with its private investors and institutional joint venture partners totaling over 15,000 units, representing more than $1.7 billion in total asset value, including 6,000 units at a value of over $750 million in the past five years. The company’s current portfolio includes over 11,000 units in California, Washington, Arizona and Nevada. MG Properties Group employs 300 professionals with in-house expertise in acquisitions and underwriting as well as asset, property, construction and investment management
Lexi Astfalk or Jenn Quader
LAstfalk (at) browermillercole (dot) com