Scottsdale, Ariz.—In a $51 million deal, San Diego-based real estate investor and operator MG Properties Group (MGPG) has acquired Scottsdale Horizon Apartments in Scottsdale, Ariz. The property was sold by Alliance Residential Co., according to Yardi Matrix.
Located at 9259 E. Raintree Drive, the 330-unit apartment community completed in 1986 features one- and two-bedroom floorplans renovated with upgraded appliances, cabinets, flooring and granite countertops. Amenities include a fitness center, clubhouse, two swimming pools with spas, outdoor lounge, a barbeque area and 531 parking stalls. Scottsdale Horizon also offers convenient access to the 101 Freeway and Scottsdale Airpark, the second largest employment submarket in metro Phoenix.
“Our ownership of similar properties in the Phoenix market provided us with operating efficiencies and strong market knowledge. Scottsdale Horizon’s location in North Scottsdale provides access to high-quality jobs and excellent retail options,” Paul Kaseburg, CIO at MGPG, said in a prepared statement.
Executive Vice President John Cunningham and Senior Vice President Charles Steele, both with JLL, represented the seller. The acquisition was financed with a $33.2 million Fannie Mae loan arranged by Robert Prouty of Key Bank.
Image via Google, courtesy of Scottsdale Horizon