MG Properties Group Acquires 223-Unit Centra Residence Neighborhood for $74.5 Million in Midtown Neighborhood of Phoenix, Arizona

MG Properties Group Acquires 223-Unit Centra Apartment Community for $74.5 Million in Midtown Neighborhood of Phoenix, Arizona

PHOENIX, AZ – MG Properties Group, a private real estate investor and operator headquartered in San Diego, California, announced the acquisition of Centra for $ 74.5 million from FORE Property. This ideally located five story 223 unit property in Midtown Phoenix was built in 2020 and is renting out quickly.

Located in one of the area's most desirable new neighborhoods, Centra's proximity to public transportation and commuter highways, as well as its high WalkScore, make it attractive with easy access to a growing educational and employer base including IBM, Dignity Health, ASU, Deloitte, and Pinnacle West.

Mark Gleiberman, Founder and CEO of MG Properties, said, "We are delighted to be continuing the design at Centra and look forward to continued success in the Arizona market. The demand for luxury homes has created many opportunities in Midtown." . "

Centra will continue to expand its portfolio in Arizona and will be MG Properties Group's eleventh property in the area, including The Retreat Apartments and Andante Apartments in 2021. MG Properties Group has 13 parishes last year for a total of over 3,750 units and total value of $ 926 million. The company is seeking additional acquisitions in Washington, Texas, Oregon, Arizona, California, Colorado and Nevada.

The seller was represented by Steven Nicoluzakis and David Fogler from Cushman & Wakefield. The podium-style property was funded by a $ 43.1 million Key Bank loan arranged by Brooks Benjamin.

Source: MG property group


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