MG Further Expands Arizona Presence with The Retreat
San Diego-based private real estate investor and operator MG Properties Group is further expanding its Arizona presence with the acquisition of The Retreat Apartments in Phoenix. The company recently purchased the 480-unit garden-style community located 20 minutes from Phoenix’s downtown core in Deer Valley.
Completed in 1997, the property will be a value-add opportunity to significantly improve unit interiors in a market which is experiencing high demand. The area has recorded high growth in recent years due to its ease of transportation access and employment concentration.
Moreover, the property is located immediately south of the recently announced $35 billion 3.8 million-square-foot Taiwan Semiconductor manufacturing facility which is expected to bring 1,000 engineering jobs to the area.
“Arizona continues to be a growth for MG Properties Group and we are excited to expand our footprint in the region,” said Mark Gleiberman, MG Properties Group’s founder and CEO. “The Retreat Apartments are ideally positioned to benefit from the area’s job growth and in-migration trends.”
MG Properties Group has purchased eight communities in the past 12 months totaling more than 3,700 units and $1.06 billion in combined value. The company is targeting further acquisitions in Washington, Texas, Oregon, Arizona, California, Colorado and Nevada.
The seller was represented by Steve Gebing and Cliff David of IPA. The property was financed with a seven-year fixed rate loan in the amount of $81.5 million arranged by Brian Eisendrath and Cameron Chalfant of CBRE.