MG Properties Buys Phoenix Apartment for $107M
Acquires multifamily 2150 Arizona Ave. South Apartments in $107M deal
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.
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.