MG Properties Group of Sorrento Valley has acquired a Chandler, Ariz. apartment complex for an undisclosed price.
Built in 2000, Biscayne Bay Apartments at 300 E. Warner Street in the Phoenix suburb has 512 apartments ranging from 766 square feet to 1,320 square feet, according to CoStar, a real estate research firm.
The seller was represented by Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE.
Financing was arranged by Rocco Mandala of CBRE.
“We are pleased to add Biscayne Bay to our portfolio in Phoenix,” said Mark Gleiberman, CEO of MG Properties.
“The property has proven value-add potential through the completion of interior renovations and is poised to benefit from Chandler’s strong employment base and apartment fundamentals,” Gleiberman said.
MG Properties has bought 15 properties in the past 12 months with more than 4,050 apartments and a combined value of more than $1 billion.
Real estate reporter Ray Huard may be reached at firstname.lastname@example.org or 858-277-8904.