MGPG Buys AZ Community for $101M
Lakeview at Superstition Springs comprises 44 buildings which overlook five lakes. The apartment community is undergoing a series of interior renovations.
By Tudor Scolca
After previously acquiring Bristol at Sunset Apartments in Henderson, Nev., MG Properties Group has acquired a 676-unit apartment community in Mesa, Ariz., Lakeview at Superstition Springs Apartments. Fairfield Residential sold the property for $101 million, a transaction which was subject to a $70.7 million Fannie Mae loan.
Lakeview at Superstition Springs Apartments sits on 38 acres you and comprises 44 buildings spread among the five lakes on the property. It was built in three phases and finalized in 1998. Since then, an interior upgrade program was started on the premises, with the current owner planning to continue it.
The apartment community is situated at 1849 S. Power Road, about 25 minutes away from downtown Phoenix. Lakeview at Superstition Springs Apartments comprises 230 one-bedroom, 332 two-bedroom and 72 three-bedroom units, as well as 42 two-bedroom townhouses. Unit size ranges from 776 to 1,314 square feet. Common amenities include four swimming pools, spas, fitness center, two clubhouses and lakeside ramadas with barbecue stations.
Attractive rental market
Residents are nearby multiple shopping and dining options, such as the Superstition Springs Center or Mesa Pavilions North. A movie theater and a golf club are also near the community. Phoenix-Mesa Gateway Airport is 15 minutes away. Route 60, adjacent to the property, provides a good transit option into downtown Phoenix, reachable in half an hour by car.
According to Yardi Matrix, the property is 93 percent occupied, with monthly rent at an average of $1,059.
“Phoenix continues to be an attractive rental market with strong employment growth and net in-migration. Lakeview at Superstition Springs is positioned to capitalize on this in a walkable location with access to major employers,” said Mark Gleiberman, CEO of MG Properties Group, in a prepared statement.
Fairfield Residential was represented by a team of CBRE brokers, while Vice Chairman Rocco Mandala arranged the Fannie Mae financing.
Image courtesy of MG Properties Group