San Diego-based MG Properties Group has acquired an Arizona apartment complex for $74 million.
The 396-unit Country Brook Apartments at 4909 W. Joshua Boulevard in Chandler was sold by an undisclosed seller represented by Cindy Cooke, a senior executive vice president of Colliers International, and Brad Cooke, an executive vice president of Colliers.
Built in stages between 1986 and 1996, apartments in the 380,000 square-foot complex range in size from 695 square feet to 1,200 square feet.
“Net migration and employment growth in Phoenix are contributing to very positive apartment fundamentals,” said Mark Gleiberman, MG Properties CEO. “We believe the region has strong potential and are excited to expand our portfolio there.”