The firm bought The Retreat Apartments, a 480-unit garden-style community.
The seller was represented by Steve Gebing and Cliff David of IPA.
The property was financed with a seven-year fixed rate loan of $81.5 million arranged by Brian Eisendrath and Cameron Chalfant of CBRE.
“Arizona continues to be a growth for MG Properties Group, and we are excited to expand our footprint in the region,” said Mark Gleiberman, MG Properties Group’s founder and CEO. “The Retreat Apartments are ideally positioned to benefit from the area’s job growth and in-migration trends.”
MG Properties Group has purchased eight communities in the past 12 months totaling over 3,700 units and $1.06 billion in combined value. The company is targeting further acquisitions in Washington, Texas, Oregon, Arizona, California, Colorado, and Nevada.