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PHOENIX — MG Properties Group (MGPG) has acquired the 270-unit Trillium Papago Apartments in Phoenix for $36.2 million. The community is located at 4950 E. Van Buren Street.
The property is situated northeast of Phoenix Sky-Harbor Airport. It was built in 2007. Common-area amenities include a resort-style pool and spa, modern fitness center, movie theater and pool room.
MGPG plans to rebrand the property as Ascent at Papago Park. This is the firm’s fourth acquisition in the past six months. MGPG is targeting further acquisitions in Arizona, California, Colorado, Nevada, Oregon and Washington.
The acquisition was financed with a 10-year, fixed-rate mortgage from Fannie Mae that was arranged by CBRE. The seller was Trillium Residential.