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10/15/15
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San Diego-based MG Properties Group recently closed on the purchase of a two-property, 722-unit multihousing portfolio in Reno, NV for a total price of $68.1 mil, or $94.3k/unit. The portfolio was sold through Auction.com, the online real estate marketplace.
The acquisition consists of: The Village at Iron Blossom, located at 690 and 695 East Patriot Blvd, east of I-580 and Virgina St; and Vizcaya Hilltop Apartments, located at 1350 Grand Summit Dr, north of I-80 and west of McCarran Blvd.
Doug Schuster, Curt Allsop and Vittal Ram of NGKF Capital Markets provided strategic marketing services and direct investor relations as showing broker on behalf of Will Sledge and Rob Beyer from the New York offices of Mission Capital Advisors LLC. Mission was retained as the seller’s lead advisor and manager of the overall sales process.
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