MG Properties Expands Nevada Portfolio
- Dec 13, 2019
MG Properties Group has acquired Marina Village Apartments, a 240-unit community in Sparks, Nev. Sunroad Enterprises traded the property for $53.8 million, after one year of ownership, according to public records. CBRE’s Brian Eisendrath and Cameron Chalfant arranged a $35.1 million Fannie Mae loan to finance the acquisition, public records show.
Marina Village occupies 9.5 acres at 350 Harbor Cove Drive, adjacent to the Sparks Marina Park Lake and several retailers and eateries alongside Sparks Boulevard. The property is near Interstate 80 and Freeway 659, which provide access to downtown Reno and Reni-Tahoe International Airport. Additionally, the community is within an Opportunity Zone, per Yardi Matrix data.
Constructed in 2005, the Class B 12-building community comprises a mix of one-, two- and three-bedroom units, averaging 957 square feet. The apartments feature washers and dryers, fireplaces, fire sprinklers, private balconies or patios and enclosed garages with direct access. Property amenities include fitness center, business center, clubhouse, swimming pool and spa.
MG Properties’ latest investments include the acquisition of Biscayne Bay, a 512-unit property in Chandler, Ariz. The firm paid $110.3 million for the asset in September.