SAN DIEGO, Oct. 12, 2017 /PRNewswire/ -- MG Properties
Group, a private San Diego-based
real estate investor and operator, has announced the acquisition of
Bristol at Sunset Apartments in
Henderson, NV.
Bristol at Sunset was built in
1989 and consists of 432 units in the desirable Henderson submarket of Las Vegas, NV. MGPG plans an extensive
renovation of common areas and unit interiors. The property
was purchased for $58.25M. The
sellers were represented by Senior Vice President Spence Ballif of CBRE. The acquisition was
financed with a $39.4M Fannie Mae
Loan arranged by Brian Eisendrath
and Cameron Chalfant of CBRE.
According to Mark Gleiberman,
MGPG's Chief Executive Officer, "Bristol at Sunset is a compelling value-add
opportunity in a market which is experiencing tremendous job
growth. This community fits well with our existing
Las Vegas portfolio and will
enable us to further create efficiencies in the market."
Bristol at Sunset marks MG
Properties Group's 12th acquisition in the past 12
months. The twelve acquisitions totaled 3,700 units and
approximately $716,000,000 in
combined purchase price. The company is targeting further
acquisitions in Washington,
Oregon, Arizona, California, Colorado, and Nevada.
MG Properties Group (www.mgproperties.com) is a privately owned
West Coast real estate owner and operator specializing in
multi-housing assets. Over the last 25 years MG Properties
Group has acquired 106 communities with its private investors and
institutional joint venture partners totaling over 23,000 units,
representing more than $3.1 billion
in total asset value, including 13,500 units at a value of
$2.0 billion since 2010. The
company's current portfolio includes 15,000 units in California, Washington, Oregon, Arizona and Nevada. MG Properties Group employs 450
professionals with in-house expertise in acquisitions and
underwriting as well as asset, property, construction and
investment management.
Contact: Paul Kaseburg, MG
Properties Group, pkaseburg@mgproperties.com, (858)
366-6534
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SOURCE MG Properties Group