MG Properties Group Acquires Bristol at Sunset Apartments in Henderson, NV for $58.25M

Date : 10/12/2017 @ 12:52PM
Source : PR Newswire (US)

MG Properties Group Acquires Bristol at Sunset Apartments in Henderson, NV for $58.25M

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, 432 Units, 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 

 

MG Properties Group

View original content with multimedia:http://www.prnewswire.com/news-releases/mg-properties-group-acquires-bristol-at-sunset-apartments-in-henderson-nv-for-5825m-300535820.html

SOURCE MG Properties Group

Copyright 2017 PR Newswire

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