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PHOENIX — San Diego-based MG Properties Group has purchased Andante Apartments, a Class B multifamily property in Phoenix, for $145.2 million. The name of the seller was not released.
Rocco Mandala of CBRE arranged a 10-year, fixed-rate, $99.4 million Fannie Mae loan for the buyer.
Built in phases between 1999 and 2002, Andante Apartments features 576 units in a low-density setting. Common amenities include three swimming pools with picnic areas, a resident clubhouse and fitness center.
Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE represented the seller in the deal.