The purchase of Parq Crossing Apartments in the Reno suburb of Sparks was financed with a loan by Key Bank in the amount of $48.8 million arranged by Brooks Benjamin.
The seller was Guardian Capital of Carlsbad.
Built in 2020, the three-story Parq Crossing has 288 apartments.
MG Properties Group has purchased 16 communities in the past year totaling over 4,900 units and over $1.5 billion in combined value. The company is targeting further acquisitions in California, Washington, Oregon, Arizona, Nevada, Utah, Colorado, and Texas.