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May 27, 2024
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MG Properties Closes on $100 Mil AZ Res Buy


MG Properties purchased NOVO Broadway Apartments, a 324-unit multifamily community in Tempe, AZ, for $100.25 mil ($309k/unit). The development, located at 711 West Broadway Rd, was formerly known as Parc Broadway. It was recently completed by Evergreen Devco,Inc.

Key features of NOVO Broadway Apartments include its prime location in Tempe, offering residents easy access to growing employment centers anchored by large technology, manufacturing, and health care companies. The property's luxurious amenities, contemporary architecture, and commitment to fostering a sense of community distinguish it as a sought-after residential destination.

Steve Gebing and Cliff David of IPA represented the seller in the transaction. . Financing for the transaction was provided by Freddie Mac and arranged by Brian Eisendrath and Cameron Chalfant of IPA.

"NOVO Broadway Apartments is a high quality community that is well positioned to benefit from regional employment growth, making it an ideal fit for our long term investment strategy." said Jeff Gleiberman, President of MG Properties."

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