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MG Pays $51M for Scottsdale MF

MG Properties, headquartered in San Diego, struck a $51 million deal with Rockwood Capital and Alliance Residential Co. to acquire the 330-unit Broadstone Scottsdale Horizon apartments. John Cunningham and Charles Steele with JLL brokered the transaction.

The 30-year-old property is at 9259 E. Raintree Dr. Formerly known as the Foothills Apartments, the property was, at one point, targeted for condominium conversion. Alliance picked up the asset in early 2007 as the condo market in Arizona began to cool. During its hold time, Alliance upgraded the asset with an eye toward increasing the rents.

MG Properties has rebranded the asset as Scottsdale Horizon. The complex offers one and two-bedroom units, along with, two resort swimming pools, a WiFi café and business center, and clubhouse and resident lounge.

For comments, questions or concerns, please contact Amy Sorter


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Read More at Phoenix Business JournaConnect at MG PropertiesConnect with Alliance Residential

About Mark El-Rayes

Mark El-Rayes is an award winning designer and photographer from Beirut, Lebanon. El-Rayes has over 15 years in the design industry, 5 years of which he served as a Mass Communication Specialist in the United States Navy at Naval Air Station North Island, Navy Public Affairs Support Element - West (NPASE). El-Rayes is a full-stack developer, seo specialist, photographer, and artist.

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