A Sorrento Valley investment firm has acquired a Nevada apartment complex for an undisclosed price.
MG Properties Group bought Marina Village Apartments in Sparks.
The seller was Sunroad Multifamily based in San Diego.
Financing for the deal was provided by Fannie Mae and arranged by Brian Eisendrath and Cameron Chalfant of CBRE.
Built in 2004, the 240-apartment complex at 350 Harbor Cove Drive is adjacent to The Sparks Marina Park, a 77-acre lake and recreation center.
MG Properties plans to upgrade community common areas and apartment interiors.
“This acquisition leverages our existing management platform, creating operational efficiencies and allowing us to scale our portfolio in the robustly growing market,” said Mark Gleiberman, CEO of MG Properties Group.
The firm has purchased 15 apartment communities in the past 12 months with more than 4,000 apartments and a combined value of more than $980 million.
Real estate reporter Ray Huard may be reached at email@example.com or 858-277-8904.