RENO, NV—MG Properties Group, a private San Diego-based real estate investor and operator, has picked up two multifamily properties encompassing 722 units. It is said to be the largest multihousing bulk transaction in the history of Reno.
MG Properties acquired the Vizcaya Hilltop Apartments and the Village at Iron Blossom Apartments, both in Reno, bringing its regional portfolio to over 1,100 units.
Vizcaya Hilltop Apartments is a 318-unit property built in 1991, and the Village at Iron Blossom Apartments consists of 404 apartment homes built in 1984. Both locations provide convenient access to freeways, employment centers, retail, and nearby entertainment options. Each property includes a mix of 1, 2, and 3 bedroom units, providing a variety of options for residents, and the properties feature extensive common area amenities. MG Properties plans to renovate both properties, upgrading unit interiors, common area amenities, and addressing deferred maintenance items.
The total purchase price for the two properties was $68.1 million. The brokers for the transaction were Newmark Grubb Knight Frank, Mission Capital, and Auction.com. Financing was arranged by Brooks Benjamin at KeyBank National Association.
According to Mark Gleiberman, MG Properties Group's chief executive officer, “The potential to create value through renovations and upgrades to these properties makes them an excellent fit for our fully integrated investment and management platform. These assets will bring added value to our existing portfolio.”
MG Properties Group has purchased eight properties in the past year, totaling approximately 2,600 units and $370 million in combined purchase price. The company is targeting further acquisitions in Arizona, California, Colorado, Nevada, Oregon, and Washington.
MG Properties Group 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 90 communities with its private investors and institutional joint venture partners totaling more than $2 billion in total asset value.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
