NAPA, CALIF., AND TEMPE, ARIZ. — MG Properties Group has acquired two apartment communities out West for a total of $50 million. The transaction includes the 376-unit Garden Grove Apartments in Tempe and the 72-unit Bella Vista Apartments in Napa.
Garden Grove Apartments was built in 1988. It was purchased from MetLife for $35.6 million. The transaction was financed through a 10-year, fixed-rate Fannie Mae mortgage that was arranged by CBRE.
MG plans to invest nearly $1.5 million in capital improvements. It will also enhance the property’s common-area amenities, which will include landscaping improvements and upgrades to the fitness facility and pools.
Bella Vista Apartments was built in 1972. It is situated near CA-29 highway, about a block from the Queen of the Valley Medical Center. Bella Vista was purchased from Trinity Real Estate for $14 million.
This transaction was similarly financed through a 10-year, fixed-rate Fannie Mae mortgage that was arranged by Key Bank. MG plans to invest about $500,000 for capital improvements.