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3/05/15
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San Diego-based MG Properties Group has wrapped up another major multifamily buy. In this latest deal, the compny paid $36.2 mil for Trillium Papago Apartments, a 270-unit ($134k/unit) complex in Phoenix, AZ.
Built in 2007, the property is located northeast of Phoenix Sky-Harbor Airport, providing convenient access to multiple job corridors within the region. MGPG plans to rebrand the property as Ascent at Papago Park.
Trillium Papgo Apartments features an exceptional array of common area amenities, including a resort-style pool and spa, modern fitness center, movie theater, and pool room. Units include nine-foot ceilings, full-sized washers and dryers, and a mix of one-, two-, and three-bedroom floor plans.
The property was sold by Trillium Residential. The acquisition was financed with a 10-year fixed-rate mortgage from Fannie Mae, arranged by CBRE.
Trillium Papago marks MG Properties Group’s fourth acquisition in the past six months. The recent acquisitions totaled approximately 700 units and $125 mil in combined purchase price. The company is targeting further acquisitions in Arizona, California, Colorado, Nevada, Oregon, and Washington.
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