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8/09/21
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MG Properties Group acquired Parq Crossing Apartments, a 288-unit res asset in the larger Reno/Sparks metro area. The property, built in 2020, was purchased off-market directly from the developer. A price was not given out.
Parq Crossing is a three-story, garden-style community located near the I-580, I-80, and U.S. 395, providing access to a number of employment centers throughout the metro including Tahoe-Reno Industrial Center and Reno Technology Park. MG Properties Group owns and manages six other apartment communities in the larger Reno metro area and will be able to enhance management through economies of scale.
The seller was Guardian Capital out of Carlsbad. The property was financed with a $48 mil loan arranged by Brooks Benjamin.and funded through by Key Bank.
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