MG Properties Pays $145M for Phoenix Community
- Jan 13, 2021
MG Properties Group has acquired a 576-unit Phoenix multifamily community from Security Properties for $145.2 million. The purchase was financed with a $99.4 million 10-year loan from Fannie Mae.
The deal marks the sixth multifamily purchase for MG Properties over the last 12 months. The San Diego-based company said the acquisitions have totaled more than 1,900 units and are valued at $625 million combined.
Andante Apartments was built in two phases between 1999 and 2002 and is located roughly 15 miles southeast of the high-demand Phoenix office space for rent in the city’s downtown. The Class B apartment community has a mix of one- and two-bedroom units averaging 888 square feet in size. Common amenities at the property include three swimming pools, a resident clubhouse and a fitness center.
The building last changed hands in 2017 when Security Properties purchased the property from Waterton for $85.2 million, according to Yardi Matrix data. The purchase was financed through a $57.7 million loan maturing in June 2024. Past owners also include JP Morgan Asset Management and SNK Realty Group.
Last month, MG Properties paid $191 million for a 451-unit apartment building in the Seattle suburb of Bellevue, Wash. MG Properties Group CEO Mark Gleiberman said at the time that his firm has been “very active” in purchasing properties in the Seattle region and is bullish on the Bellevue area.
Security Properties had a busy month in December as well. The firm partnered with an affiliate of Rockwood Capital to purchase a 938-unit apartment portfolio in Oregon and Colorado. The companies were tight-lipped about the seller and prices for the three properties included in the off-market deal.