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December 3, 2023
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MG Properties Picks Up 289-Unit AZ Multifamily Asset


MG Properties has purchased 2150 Arizona Ave South Apartments, a 289-unit residential community in Chandler, AZ, for $107 mil ($370k/unit). MG has rebranded the property as 2150 Apartments.

The Chandler submarket of Phoenix boasts some of the most robust multifamily fundamentals in the metro due to its proximity to multiple job corridors, one of Arizona’s top school systems, award-winning master-planned communities, and relative affordability. With thoughtfully designed one-, two-, and three-bedroom floor plans, the community offers a variety of options for area residents.

According to Jeff Gleiberman, President of MG Properties, 2150 Apartments presents a value-add opportunity for the company. MG plans to implement an interior renovation program to increase rents, while staying below new construction rents.

The seller was represented by Mark Forrester and Dan Cheyne with Berkadia. The acquisition of the community was financed with a loan from Fannie Mae, originated by Chuck Christensen and Lowell Takahashi with Berkadia.

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