SPARKS, NV - 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, formally known as 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 and 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.