MG Properties Acquires $58M Vegas Community
- Oct 13, 2017
MG Properties Group acquired Bristol at Sunset Apartments, a multifamily community in the Las Vegas submarket of Henderson, Nev., from Kennedy Wilson for $58.3 million.
“As long-term owners, we target destination submarkets positioned to benefit from regional economic growth,” Paul Kaseburg, chief investment officer of MG Properties Group, told Multi-Housing News. “Bristol fits well with that strategy and offers further potential for growth through operational and physical improvements.”
Located at 2001 Ramrod Ave., the 432-unit Bristol at Sunset comprises one-, two- and three-bedroom floorplans ranging from 702 to 1,128 square feet, across 29 two-story buildings. Originally built in 1989, the community currently has an 96 percent occupancy, according to Yardi Matrix. Interior features include washer/dryers, ceramic tile and private balcony/patios. Residents have access to amenities such as:
- two swimming pools
- outside storage
- four spas
- covered parking with 482 spaces
Brian Eisendrath and Cameron Chalfant of CBRE arranged a $39.4 million acquisition loan through Fannie Mae on behalf of MGPG. Spence Ballif of CBRE represented the seller.
“Bristol at Sunset is a compelling value-add opportunity in a market which is experiencing tremendous job growth,” said Mark Gleiberman, CEO of MG Properties Group. “This community fits well with our existing Las Vegas portfolio and will enable us to further create efficiencies in the market.”
Bristol at Sunset marks the company’s 12th acquisition in the past year, one of those being the Alexan Melrose Apartments, a 410-unit community in the northern San Diego suburb of Vista, Calif. The twelve acquisitions totaled 3,700 units and $716 million in combined purchase price. The company is targeting further acquisitions in Washington, Oregon, Arizona, California, Colorado and Nevada.
Image courtesy of MG Properties Group