MG Gravitates Toward Centra Opportunity

MG Properties Group recently acquired Centra for $74.5 million from FORE Property. This five-story 223-unit property in Midtown Phoenix was built in 2020 and had a swift lease-up.

Located in one of the area’s most sought-after new neighborhoods, Centra’s proximity to mass transit and commuter freeways as well as its high WalkScore allow access to a growing education and employer base. Top firms include IBM, Dignity Health, ASU, Deloitte and Pinnacle West.

“The demand for luxury residential housing has left a lot of opportunity in Midtown,” says Mark Gleiberman, founder and CEO of MG Properties.

Further expanding its Arizona portfolio, Centra will mark MG Properties Group’s 11th property in the region including The Retreat Apartments and Andante Apartments in 2021. MG Properties Group has purchased 13 communities in the past year totaling more than 3,750 units and $926 million in combined value. The company is targeting further acquisitions in Washington, Texas, Oregon, Arizona, California, Colorado and Nevada.

The seller was represented by Steven Nicoluzakis and David Fogler of Cushman & Wakefield. The property was financed with a $43.1 million loan by Key Bank arranged by Brooks Benjamin.