MG Properties Group based in Sorrento Valley has acquired a Phoenix apartment complex for an undisclosed price.
Built in 1995, Sonoran Apartments has 429 apartments that average 964 square feet, according to CoStar, a real estate listing service.
The complex has three pools with picnic areas, a clubhouse and a fitness center.
Apartments have walk-in closets, full-size washers and dryers, and private patios and balconies.
“Phoenix has outperformed other major West Coast markets in rent and job growth and we believe it has further potential,” said Mark Gleiberman, MG Properties CEO.
Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE Phoenix represented the seller, who was not disclosed. Financing was arranged by Rocco Mandala of CBRE.
Real estate writer Ray Huard may be reached at rhuard@sdbj or 858-277-8904