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.
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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.
