SPARKS, NV – MG Properties Group, a private real estate investor and operator based in San Diego, expands its presence in the larger Reno / Sparks subway with the acquisition of Parq Crossing Apartments. MG Properties Group bought the property off-market directly from the developer.
"We are excited to continue expanding our presence at Sparks," said Mark Gleiberman, Founder and CEO of MG Properties Group. "The Reno / Sparks Metro has seen remarkable housing fundamentals, driven by continued employment and population growth in the area."
Built in 2020, Parq Crossing is a 3-story, 288-unit garden complex located near I-580, I-80 and US 395 that provides access to a number of work centers across the subway, including the Tahoe -Reno Industrial Center and Reno Technology Park. MG Properties Group owns and operates six other residential communities in the larger Reno subway area and will be able to improve management through economies of scale.
MG Properties Group acquired 16 communities in the past year for a total of over 4,900 units and a total value of over $ 1.5 billion. The company is seeking additional acquisitions in California, Washington, Oregon, Arizona, Nevada, Utah, Colorado and Texas.
The seller was Guardian Capital from Carlsbad, California. The property was funded by a $ 48.8 million Key Bank loan arranged by Brooks Benjamin.
Source: MG property group