MESA, AZ – MG Properties Group, a private San Diego-based real estate investor and operator, has announced the acquisition of Lakeview at Superstition Springs Apartments in Mesa, AZ.
Lakeview at Superstition Springs is a 676-unit apartment community built in two phases between 1995 and 1998 within the Superstition Springs Master plan. The property offers excellent drive-by visibility from two major cross-streets and is surrounded by some of the East Valley's largest employers.
Lakeview is situated on over 38 acres featuring five lakes and walking paths throughout. The property offers a unit mix of one-, two-, and three bedroom units including townhomes. Other resort-style amenities include four swimming pools and spas, a fitness center, two resident clubhouses and lakeside ramadas with barbeques.
MG Properties Group plans to continue the interior upgrade program in progress and enhance common area amenities.
The sellers were represented by Tyler Anderson, Sean Cunningham, Asher Gunther and Matt Pesch of CBRE. The acquisition was financed with a $70.7M Fannie Mae Loan arranged by Rocco Mandala of CBRE.
According to Mark Gleiberman, MGPG's Chief Executive Officer, "Phoenix continues to be an attractive rental market with strong employment growth and net in-migration. Lakeview at Superstition Springs is positioned to capitalize on this in a walkable location with access to major employers."
MG Properties Group has purchased 11 properties in the past 12 months. These acquisitions total over $817,000,000 in purchase price and 4,000 units. The company is targeting further acquisitions in Washington, Oregon, Arizona, California, Colorado, and Nevada.