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January 13, 2021 Comments Off on MG Properties Boosts Phoenix Portfolio with $145M Acquisition Views: 521 Phoenix, Phoenix & Southwest News, Top Phoenix

MG Properties Boosts Phoenix Portfolio with $145M Acquisition

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San Diego-based MG Properties Group acquired Andante Apartments in Phoenix from Seattle-based Security Properties for $145.25 million. The 576-unit apartment complex is located at 15801 S. 48th St. in the Ahwatukee Foothills area.

MG Properties Group’s Mark Gleiberman says, “The Phoenix market has demonstrated resilience during the COVID crisis, and we believe in the region’s potential for economic growth in the coming years.”

The Class B property contains 32 three-story buildings on 25.51 acres that were built between 1999 and 2002. The floor plan mix includes 408 one-bedroom/one-bath units and 168 two-bedroom/two-baths. Units have nine-foot ceilings, large bay windows, stainless steel appliances and attached private patios. The gated community has three resort-style pools, a sundeck, cabanas, a BBQ pavilion, a fitness center, a pet park, covered parking and garages.

CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch represented seller. CBRE Capital Markets’ Rocco Mandala arranged $99,459,000 in new Fannie Mae debt for the deal.

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