Source: MG Properties Group
SPARKS, NV - MG Properties Group, a private San Diego-based real estate investor and operator, is expanding its presence in the larger Reno/Sparks metro with the acquisition of Parq Crossing Apartments. MG Properties Group purchased the property off-market directly from the developer.
"We are pleased to be further growing our presence in Sparks," said Mark Gleiberman, MG Properties Group's Founder & CEO. "The Reno/Sparks metro has experienced remarkable apartment fundamentals driven by continued employment and population expansion to the area."
Built in 2020, Parq Crossing, is a 288 unit, 3-story garden style community located near the I-580, I-80, and U.S. 395, providing access to a number of employment centers throughout the metro including Tahoe-Reno Industrial Center and Reno Technology Park. MG Properties Group owns and manages six other apartment communities in the larger Reno metro area and will be able to enhance management through economies of scale.
MG Properties Group has purchased 16 communities in the past year totaling over 4,900 units and over $1.5 billion in combined value. The company is targeting further acquisitions in California, Washington, Oregon, Arizona, Nevada, Utah, Colorado, and Texas.
The seller was Guardian Capital out of Carlsbad, CA. The property was financed with a loan by Key Bank in the amount of $48.8 million arranged by Brooks Benjamin.