MG Properties Sees Growth Potential in Phoenix
- Mar 05, 2015
Phoenix—San Diego-based investor and operator MG Properties has added Trillium Papago Apartments to its portfolio. The 2007-built Phoenix community features 270 luxury units, a swimming pool and spa, fitness center, movie theater and billiards room. MG Properties picked up the asset for $36.2 million. The seller was Trillium Residential. CBRE arranged a 10-year fixed-rate mortgage from Fannie Mae for the acquisition.
This was MG Properties Group’s fourth acquisition in the past six months. Together they total 700 units valued at $125 million. Expect to see future action in Arizona, California, Nevada, Oregon and Washington.
Trillium Papago will be rebranded as Ascent at Papago Park, which is fitting given its location just north-east of Phoenix Sky-Harbor Airport.
L.A. student housing sells for $8.9M
Los Angeles—A 30-unit, 67-bed student housing asset serving University of Southern California has traded hands between private investors for $8.9 million. Marcus & Millichap brokered the sale of Trojan Palm Apartments, which was 100 percent occupied.
The property sits one-half block from the north side of the USC campus at 1115 W. 30th St. It was built in 1957 and completely remodeled in 2007.
NorthMarq Capital finalizes $14M Freddie Mac refinance
Rochester, N.Y.—Robert W. Ranieri, senior vice president/managing director of NorthMarq Capital’s Greater Westchester NY/CT based regional office arranged the $14 million refinance of Windsor Gardens Apartments, a 296-unit multifamily property located at 2859 Manitou Road in Rochester, N.Y.
The transaction was structured with a 10-year term and 30-year amortization schedule. NorthMarq arranged financing for the borrower, Windsor Associates, L.P. through its Seller-Servicer relationship with Freddie Mac.
This loan represents the third time the client has obtained a refinance from Freddie Mac. The rate has dropped each time and the owner was able to cash out loan proceeds.