October 2, 2019
MG Properties Group acquired Biscayne Bay, a 512-unit apartment complex in Chandler, AZ. The San Diego buyer paid $110.3 million to seller Everest Holdings for ownership rights to the asset, which is at 300 E. Warner Rd.
CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch represented the Scottsdale, AZ-based seller. Rocco Mandala, also with CBRE, arranged acquisition financing.
“Value-add communities in outperforming submarkets are in high demand,” Cunningham said. “Biscayne Bay provides an excellent opportunity to reposition a stable asset in one of the best multifamily environments in Metro Phoenix.”
Biscayne Bay offers one-, two- and three-bedroom units. The community amenities include two swimming pools, volleyball and basketball courts, a playground, covered picnic areas with barbecue grills, a dog park, parcel lockers and a putting green.
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