|
6/17/21
|
In a notable multifamily buy out of Arizona, MG Properties Group purchased Centra, a 223-unit property in Midtown Phoenix, for $74.5 mil ($334k/unit). The five-story project was sold by FORE Property.
Built in 2020, Centra is located at 3601 N. Central Ave, in one of the area’s most sought after new neighborhoods. Centra’s proximity to mass transit and commuter freeways, as well as its high WalkScore make it desirable with easy access to a growing education and employer base, including IBM, Dignity Health, ASU, Deloitte, and Pinnacle West.
The seller was represented by Steven Nicoluzakis and David Fogler of Cushman & Wakefield. The purchase was financed with a loan by Key Bank in the amount of $43.1 mil, arranged by Brooks Benjamin.
Further expanding its Arizona portfolio, Centra will mark MG Properties Group’s eleventh property in the region, including the acquisitions of The Retreat Apartments and Andante Apartments in 2021. MG Properties Group has purchased 13 communities in the past year totaling over 3,750 units and $926 mil in combined value. The company is targeting further acquisitions in Washington, Texas, Oregon, Arizona, California, Colorado, and Nevada.
|
|
Return to the Archive page
|
|
|
|
|