Phoenix Property Commands $107M

1 min read

The asset last traded in 2013, for $32.9 million.

2150 Apartments
2150 Apartments. Photo courtesy of MG Properties

MG Properties has purchased 2150 Arizona Ave South Apartments, a 289-unit metro Phoenix community. The property last traded in 2013, for $32.9 million, Yardi Matrix data shows.

Senior Managing Directors Mark Forrester and Dan Cheyne with Berkadia represented Acacia Capital in selling the asset. Managing Director Chuck Christensen and Vice President Lowell Takahashi, also with Berkadia, arranged Fannie Mae acquisition financing. The buyer is rebranding the asset as 2150 Apartments.

Completed in 2001, the mid-rise community located in Chandler, Ariz., provides access to various employment, entertainment and education hubs in the Phoenix metro area. The property offers one-, two- and three-bedroom floorplans. Common-area amenities include a business center, a fitness center, a clubhouse, a basketball court, two swimming pools and two spas. Besides the common-area amenities and covered parking options available, the apartments offer washers, dryers and microwave ovens in all units.

With the Phoenix economy on an upward path, 2150 Apartments provides a value-add opportunity to carry on with an interior renovation program, Jeff Gleiberman, president of MG Properties, said in prepared remarks.

Alongside other Sun Belt markets, Phoenix continues to display strong multifamily fundamentals. In the second half of August alone, at least four high-profile transactions closed in metro Phoenix. The list includes American Landmark’s acquisition of a 286-unit asset, the $58.2 million sale of Villas Los Limones, Avanti Residential’s $85 million acquisition of a Surprize, Ariz., community, as well as the sale of Arizona’s tallest residential high-rise.

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