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Investor Pays $27M for REO Multifamily Asset

RENO, NV-MG Properties Group sees Manzanita Gate as a ‘destination property’ in the Reno market.

By Carrie Rossenfeld | Updated on March 08, 2012

(Mark Your Calendars: RealShare REAL ESTATE 2012, March 22nd in Los Angeles).

RENO, NV-Private real estate investor and operator MG Properties Group has purchased a 324-unit multifamily property in Reno, NV, for $27 million from a Midwest-based loan servicer. Manzanita Gate Apartments is located at 2475 Robb Dr., in the foothills of Northwest Reno, a low-density suburban submarket predominantly built out in the late 1980s through the 1990s.

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