MG Properties Expands Reno Portfolio
- Aug 05, 2021
MG Properties Group has acquired Parq Crossing, a 288-unit community in Sparks, Nev. The company purchased the property directly from its developer, Guardian Capital, in an off-market transaction.
The buyer secured a $48.8 million acquisition loan provided by KeyBank. Brooks Benjamin arranged the financing.
According to Yardi Matrix data, the developer financed the recently completed project with a $35.2 million construction loan funded by East West Bank.
The garden-style community located at 2280 Oddie Blvd. provides studios as well as one- and two-bedroom apartments. The 2020-built property has floorplans averaging 668 square feet across eight three-story buildings.
Parq Crossing features a fitness center, yoga studio, social lounge, co-working lounge and conference room, as well as a barbecue pavilion and picnic area. The pet-friendly community also offers a dog park alongside a dog wash and grooming area.
The property is situated within a mile of several shopping and dining options, as well as Teglia’s Paradise Park Community Garden. Downtown Sparks and Renown Regional Medical Center are less than 3 miles from the community.
Interstates 80 and 580 along with Freeway 395 are easily reachable, providing access to employment hubs such as the Tahoe-Reno Industrial Center or the Reno Technology Park.
MG Properties now owns seven properties in the Reno/Sparks metro. The company’s previous acquisition in the market was Marina Village Apartments, roughly 3 miles east of Parq Crossing. In November of 2019, MG Properties paid $53.8 million for the 240-unit property.
Over the past year, MG Properties acquired more than 4,900 units encompassing 16 properties nationwide. The firm is looking to expand its footprint with deals focused on Arizona, California, Colorado, Nevada, Oregon, Texas, Utah and Washington.
In July, the company purchased Victoria Arbors Apartment Homes in Rancho Cucamonga, Calif. The $137.6 million acquisition marked MG Properties’ 10th asset in the Inland Empire/Temecula Valley metro.