MG Properties Expands Arizona Presence with $107M Deal

San Diego-based real estate company MG Properties has purchased the 2150 Arizona Avenue South Apartments in the Phoenix submarket of Chandler, AZ for $107 million. Berkadia’s Mark Forrester and Dan Cheyne represented the seller and arranged the financing for the transaction.

“The Phoenix economy has benefitted from tremendous growth, which we expect to continue during our long-term investment horizon,” said MG Properties President, Jeff Gleiberman. “2150 Apartments provide a value-add opportunity to continue a proven interior renovation program to increase rents, while staying below new construction rents.”

The property features one-, two- and three-bedroom floor plans and its Chandler location boasts some of the metro’s most robust multifamily fundamentals. The complex has proximity to multiple job corridors in addition to one of Arizona’s top school systems and still maintains relative affordability.