SAN DIEGO, Oct. 4, 2016 /PRNewswire/ -- MG Properties Group, a private San Diego-based real estate investor and operator, has announced the acquisition of the 240-unit apartment community, Reflections at the Marina Apartments, in Sparks, Nevada (fka Green Leaf at the Marina).
Built in 1980, Reflections at the Marina is located in the heart of Sparks, NV. Its proximity to Interstate 80 provides residents with convenient access to the Tahoe-Reno Industrial Park, one of the largest industrial parks in North America and home to the anticipated $5 billion Tesla Gigafactory. The property is also adjacent to The Sparks Marina Park, a 77-acre lake filled by a naturally occurring aquifer, which provides residents with additional amenities such as windsurfing, sailing, swimming, a dog-park, sports facilities and picnic areas. MG Properties plans a $5 million renovation to the 240-unit low-density property which will upgrade the exterior structures, common areas and interior finishes.
The sellers were represented by Kenneth Blomsterberg, Ryan Rife and Ben Nelson of Marcus & Millichap. The acquisition was financed with a bridge loan from Key Bank, arranged by Brooks Benjamin.
According to Christian Garner, MGPG's Chief Investment Officer, "This property represents a great fit for our Reno / Sparks portfolio and allows us to reposition an asset in an improving, dynamic market with forecast employment growth exceeding 6,500 jobs in the industrial park alone".
Reflections at the Marina marks MG Properties Group's eleventh acquisition in the past year. The eleven acquisitions total approximately 3,500 units and $525,000,000 in combined purchase price. The company is targeting further acquisitions in Arizona, California, Colorado, Nevada, Oregon, and Washington.
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 20 years MG Properties Group has acquired 95 communities with its private investors and institutional joint venture partners totaling over 20,000 units, representing more than $2.7 billion in total asset value, including over 10,000 units at a value of $1.4 billion since 2010. The company's current portfolio includes 12,300 units in California, Washington, Oregon, Arizona and Nevada. MG Properties Group employs 350 professionals with in-house expertise in acquisitions and underwriting as well as asset, property, construction and investment management.
SOURCE MG Properties Group