MG Properties has purchased 2150 Arizona Ave South Apartments l for $107 million.
Rebranded as 2150 Apartments, this Chandler submarket of Phoenix is close to multiple job corridors, school systems, and master-planned communities. The community offers one, two, and three-bedroom floor plans.
"2150 Apartments provides a value-add opportunity to continue a proven interior renovation program to increase rents, while staying below new construction rents," Jeff Gleiberman, President of MG Properties, said in prepared remarks.
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The seller was represented by Mark Forrester and Dan Cheyne with Berkadia. The acquisition was financed with a loan from Fannie Mae, originated by Chuck Christensen and Lowell Takahashi with Berkadia.
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