MG Properties Pays $64M for Las Vegas Asset
The 270-unit community marks the firm’s ninth acquisition over the last 12 months.
MG Properties has acquired The Pearl at St. Rose, a 270-unit multifamily property in Las Vegas, for $64 million. An affiliate of The CONAM Group sold the asset. Berkadia brokered the deal and arranged the financing through Freddie Mac.
The previous owner acquired the property in July 2018 for $41.9 million from 3D Investments, according to Yardi Matrix information. That amounts to $155,000 per unit, more than $80,000 below the latest sale price.
Located at 10250 Spencer St. along the St. Rose Corridor in South Las Vegas, the community is 13 miles from downtown Las Vegas. Harry Reid International Airport is 7 miles away.
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Built in 2000 and renovated between 2018 and 2022, The Pearl at St. Rose encompasses 17 two-story residential buildings across 14 acres. The unit mix consists of one-, two- and three-bedroom floorplans ranging between 708 and 1,072 square feet. Apartments also have private balconies or patios.
Common-area amenities include a swimming pool with sundeck and spa, fitness center, dog park and clubhouse, as well as a playground. The garden-style community also has a barbecue pavilion, picnic area and a social lounge.
Berkadia Senior Managing Director Charles Steele and John Cunningham, along with Managing Director Jared Glover represented the seller. Senior Managing Directors Kevin Mignogna, Charlie Haggard, Mortgage Banker Lee Scott, Assistant Vice President Joey Guarino and Vice President Michael Beach arranged the financing.
MG Properties’ largest recent deals
This transaction marks MG Properties’ ninth multifamily acquisition over the last 12 months. The firm deployed more than $1 billion and purchased 3,250 units.
In June, the firm bought Citron Apartments, a 314-unit community in Greater Los Angeles, for $144 million. The same Berkadia team arranged the financing for that deal, also a Freddie Mac loan.
Earlier this year, MG Properties paid $309 million for Park 12 Apartments, a 718-unit tower in downtown San Diego. That deal was the largest apartment acquisition in San Diego since 2020 and the third largest in the area’s history, according to the firm.
Las Vegas multifamily sales remain steady
Las Vegas’ multifamily transaction volume year-to-date as of August comprised 12 assets—3,005 apartments—that changed hands for $648.6 million, according to Yardi Matrix data. During the same period of last year, 15 properties—2,993 units—traded for $416.6 million.
In July, CONAM Strategic Investments Fund IV LP acquired REVERB at Spring Valley, a 180-unit community in Las Vegas. The garden-style property came online in 2000.
A few months before, SB Real Estate paid $42 million for Brownstone Apartments, a 143-unit luxury property in Las Vegas’ Centennial Hills submarket. Fore Property Co. sold the asset in a Berkadia-brokered deal.
