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.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.
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