MG Properties Group, a privately-held real estate investor and operator headquartered in San Diego, California, has acquired the Centra apartment community for $74.5 million from Fore Property. The five-story, 223-unit property in Midtown Phoenix was built in 2020 and underwent a swift lease-up. Further expanding its Arizona portfolio, Centra will mark MG Properties Group’s eleventh property in the region, including The Retreat Apartments and Andante Apartments in 2021.
“We are excited about continuing the blueprint that was laid out at Centra and look forward to continuing success within the Arizona market,” Mark Gleiberman, founder and CEO of MG Properties. “The demand for luxury residential housing has left a lot of opportunity in Midtown.”
Centra’s proximity to mass transit and commuter freeways, as well as its high WalkScore make it desirable with easy access to a growing education and employer base, including IBM, Dignity Health, Arizona State University, Deloitte, and Pinnacle West.
MG Properties Group has purchased 13 communities in the past year totaling over 3,750 units and $926 million in combined value. The company is targeting further acquisitions in Washington, Texas, Oregon, Arizona, California, Colorado and Nevada.
The seller was represented by Steven Nicoluzakis and David Fogler of Cushman & Wakefield. The podium-style property was financed with a loan by Key Bank in the amount of $43.1 million arranged by Brooks Benjamin.
