MG Properties Group Buys 722 Multifamily Units in Reno for $68.1M
RENO, NEV. — MG Properties Group (MGPG) has purchased two multifamily properties totaling 722 units in Reno for $68.1 million. The transaction includes the 318-unit Vizcaya Hilltop Apartments and the 404-unit Village at Iron Blossom Apartments. The acquisition represents the largest bulk purchase of multifamily units in Reno’s history, according to MGPG.
Vizcaya is located at 1350 Grand Summit Drive, while Village at Iron Blossom is located at 690 E Patriot Blvd. The communities are situated near Tesla’s soon-to-be-developed Gigafactory.
Both properties include a mix of one- to three-bedroom units. MGPG plans to renovate the communities’ common-area amenities. Unit interiors will also be upgraded, and deferred maintenance will be addressed.
“The potential to create value through renovations and upgrades to these properties makes them an excellent fit for our fully integrated investment and management platform,” says Mark Gleiberman, CEO of MGPG. “These assets will bring added value to our existing portfolio.”
MGPG has purchased eight multifamily properties in the past year. These acquisitions included 2,600 units for a combined purchase price of $370 million. MGPG is currently targeting properties in the Western U.S. in areas including Arizona, California, Colorado, Nevada, Oregon and Washington.
The transaction was executed by Newmark Grubb Knight Frank and Mission Capital. MGPG purchased the assets through Auction.com. Brooks Benjamin of KeyBank National Association arranged acquisition financing on behalf of MGPG. The seller was not named.
MGPG is a privately owned, West Coast real estate owner and operator specializing in multifamily assets. The company has acquired 90 communities totaling more than 16,000 units over the past 20 years, representing a total asset value of more than $2 billion.
— Nellie Day