San Diego, Calif. – MG Properties Group, a private San Diego-based real estate investor and operator, has announced the acquisition of Village at Desert Lakes Apartments in Las Vegas, NV.
Village at Desert Lakes is a low-density, garden-style rental community consisting of one, two and three-bedroom floor plans. The community features resort-style amenities and is located in Spring Valley, a dynamic west Las Vegas submarket adjacent to the high-end Summerlin and Peccole Ranch master plan communities west of the Las Vegas Strip. The property is surrounded by a range of employment centers, retail amenities and freeway accessibility.
The seller was represented by Christopher Bentley, Jeffrey Swinger and Shalonda Hughes of Colliers International. Financing was arranged by Brian Eisendrath and Cameron Chalfant of CBRE.
According to Mark Gleiberman, MGPG’s Chief Executive Officer, “Village at Desert Lakes is a compelling value-add opportunity to reposition an asset in a dynamic market. Las Vegas continues to experience job growth and house-hold formation which is driving demand for housing.”
MG Properties Group has purchased 16 properties in the past 12 months. These acquisitions totaled over 4,200 units and over $1.1 billion in combined value. The company is targeting further acquisitions in Washington, Oregon, Arizona, California, Colorado, and Nevada.
MG Properties Group (www.mgproperties.com) is a privately owned West Coast real estate owner and operator specializing in multi-housing assets. Over the last 27 years, MG Properties Group has acquired over 143 communities with its private investors and institutional joint venture partners totaling over 32,000 units, representing more than $6.2 billion in total asset value, including 23,500 units since 2010. The company currently owns and manages over 20,000 units valued at $4.5 billion in California, Washington, Oregon, Arizona and Nevada. MG Properties Group employs over 600 professionals with in-house expertise in acquisitions and underwriting as well as asset, property, construction and investment management.
About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn. To see the latest news on Colliers International in Las Vegas, follow @Colliers_LV on Twitter and @collierslv on Facebook.
Contact: Paul Kaseburg, MG Properties Group