LAS VEGAS, NV - MG Properties Group, a private San Diego-based real estate investor and operator, has announced the acquisition of Broadstone Azure; a multifamily property in North Las Vegas, Nevada.
The 312 unit luxury apartment community was built in 2007 and features a resort-style pool, spa, lounge, and fitness center. It offers a range of unit types for residents, featuring a mix of 1, 2, and 3 bedroom apartments. Apartment interiors feature modern floor plans and finishes, spacious 9-foot ceilings, and washer/dryers. The property is located in North Las Vegas with convenient access to the 215 and 15 freeways, providing residents with a range of nearby retail amenities as well as accessibility to major job corridors throughout the Las Vegas metropolitan area. MG Properties Group plans to rebrand the property as the Azure Villas Apartment Homes and to invest in improvements to common areas and the property exterior.
The sellers were represented by Doug Schuster at Newmark Grubb Knight Frank. The acquisition was financed with a $22M 10-year mortgage from Fannie Mae, arranged by Bryan Frazier at Walker & Dunlop.
According to Christian Garner, MG Properties Group Chief Investment Officer, "We believe Las Vegas has the right mix of ingredients to foster economic growth and is poised to benefit from further economic recovery. This further adds to our presence in Nevada and we continue to seek new acquisition opportunities in the region."
Azure Villas marks MG Properties Group's ninth acquisition in the past year. The nine acquisitions totaled approximately 2,900 units and over $400,000,000 in combined purchase price. The company is targeting further acquisitions in Arizona, California, Colorado, Nevada, Oregon, and Washington.