MG PROPERTIES GROUP ACQUIRES APARTMENT COMPLEX FOR $36.55M
MG Properties Group, a private San Diego-based real estate investor and operator, has announced the acquisition of Village at Desert Lakes Apartments.
The complex 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 in Spring Valley.
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 CEO, “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 household formation, which is driving demand for housing.”
MG Properties Group has purchased 16 properties in the past 12 months. These acquisitions totaled more than 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 is a privately owned West Coast real estate company specializing in multihousing assets. Over the last 27 years, MG Properties Group has acquired more than 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 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.
BRASS CAP DEVELOPMENT ACQUIRES LAND NEAR ALLEGIANT STADIUM
Brass Cap Development acquired three strategic parcels of land valued at approximately $5 million, two in southwest Las Vegas and one in Henderson.
Brass Cap secured 1.74 acres at Diablo Drive and Edmond Street in Las Vegas, and another 5.05 acres in the same area for a separate project. A 20,000-square-foot industrial building will be developed on the 1.74-acre-site, while two additional industrial buildings will be constructed on the 5.05-acre-site. The latter buildings will be 60,000 square feet and 20,000 square feet, respectively.
These sites are in the southwest Las Vegas submarket near Allegiant Stadium in an area that has recently seen a notable increase in commercial and residential activity.
Brass Cap also acquired 5 acres at Volunteer Boulevard and Executive Airport Drive in Henderson, where two industrial buildings will be constructed at 41,000 square feet and 31,000 square feet, respectively. This site is situated strategically near the Henderson Executive Airport, Via Inspirada, the M Resort and the new Raiders corporate office and training facility.
Tim Castello, partner at Brass Cap Development, said: “These properties are in key areas of the valley. Our team is confident that they will provide many jobs and serve as valuable additions to the Southern Nevada economic landscape.”
LM Construction Co. is handling the build for all three projects, with anticipated groundbreaking scheduled for early 2020.
COMPLETED SALES TRANSACTIONS
• A sale to Essex-Scott LLC. The 36,975-square-foot industrial property is at 1950 E. Maule Ave. The transaction value was $6,800,000. Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane, CCIM; and Jerry Doty of Colliers International represented the seller, LV Souvenirs LLC.
• A sale to Diamond Sunset AirParc Ltd. The 27,698-square-foot industrial property is in Insight AirCenter at 3068 E. Sunset Road. The transaction value was $3,400,000. Chris Connell and Grant Traub, SIOR, of Colliers International represented the seller, The GD & F Group LLC.
• Kevin Higgins, SIOR, and Jake Higgins of CBRE Inc. represented the seller in the sale of a 27,799-square-foot industrial building and adjacent 2.27 acres of vacant land at 3058 & 3048 E. Sunset Road to Helix Electric of Nevada LLC for $4,450,000.
COMPLETED LEASE TRANSACTIONS
• A lease to Bombard Electric LLC. The 15,420-square-foot industrial property is in Jonathan Park at 3542 Sirius Ave., Suite A. Dean Willmore, SIOR; Alex Stanisic; and Mike Willmore of Colliers International represented the lessor, Jonathan Park LLC.
• A lease to Sportradar. The 12,013-square-foot office property is in City Center West at 7251 W. Lake Mead Blvd., Suite 500. Patti Dillon, SIOR, and Taber Thill, SIOR, of Colliers International represented the lessor, Odyssey Real Estate Capital.
• A lease renewal to Kirk Mobile Repair LLC. The 4,342-square-foot industrial property is in Northpointe Business Center at 4210 Lamb Blvd., Suite 115. Dean Willmore, SIOR; Alex Stanisic; and Mike Willmore of Colliers International represented the lessor, FJM Northpointe Associates LLC.
• A lease to Haselton Intuition LLC. The approximately 2,400-square-foot retail property is in Pecos Wigwam Retail Center at 80 N. Pecos Road, Suite A in Henderson. Chris Connell and Grant Traub, SIOR, of Colliers International represented the lessor, Pecos-Nevada Limited Partnership.
• A lease to Allied Communications. The 1,050-square-foot retail property is in Green Valley Town and Country at 2839 N. Green Valley Parkway in Henderson. Scot Marker of Colliers International represented the lessor, Contstanino Noval LLC and Marverde LLC.