SAN DIEGO—As GlobeSt.com recently reported, locally based real estate investor and operator MG Properties Group has acquired two properties encompassing 722 units in the largest multifamily transaction in Reno's history. The firm's CEO Mark Gleiberman tells GlobeSt.com why Reno appeals to his company and what other markets are up and coming.

GlobeSt.com: What was unique for you about these two multifamily acquisitions?

Gleiberman: Part of it was the sales process. It was an auction process, which we felt limited the field of competitors significantly. It's unusual to have a deal that large at auction. Institutional players refuse to participate in the auction process, and many private groups find that size deal too big for them. But I think that the whole process really brought down the number of competitors, and pricing ended up being more favorable because of that. Also, for us to be able to add 722 units in Reno in one transaction was extremely appealing. In both cases, we fell there is a significant value-add play, and we plan to add about $12,000 in improvements per unit, which will further enhance rents going forward.