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June 17, 2024
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MG Properties Picks Up 312-Unit Res Community in Vegas for $81 Mil


MG Properties has acquired Tribeca North Apartment Homes, a 312-unit res community in North Las Vegas, for $81 mil ($260k/unit). The property is located at 3825 Craig Crossing Dr, east of Hwy 95 and north of the Vegas Strip.

The community features luxury low-density apartments with an attractive design, resort-style amenities, and functional floorplans with available garages. Tribeca North offers an ideal location providing access to employment centers including over 57 msf of industrial buildings in North Las Vegas, and the recently approved 2.3 msf Helios mixed-use medical campus. Itís just minutes to the Las Vegas Strip.

Units at Tribeca North feature ceiling fans, ceramic tile floors, intrusion alarm systems, two-tone paint, black appliances, designer light packages and triple-bay windows. Community amenities include controlled access, a playground, a business center, a fitness center, outdoor lounge and a resort-style pool.

This is the first acquisition of 2023 for MG Properties after acquiring 18 properties in 2022 totaling nearly $2 billion. The seller, The Bascom Group, was represented by Spencer Ballif, Adam Schmitt, and Jannie Mongkolsakulkit of CBRE. The property was financed by a Fannie Mae loan provided by Bryan Frazier and Blake Hockenbury of Walker & Dunlop.

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