MG Properties Group based in Sorrento Valley has acquired a Phoenix apartment complex for $145 million.
Built between 1999 and 2002, Andante Apartments in the Ahwatukee submarket of Phoenix has 576 apartments.
The seller was represented by Tyler Anderson, Sean Cunningham, Asher Gunter, and Matt Pesch of CBRE.
The property was financed with a 10-year fixed-rate loan in the amount of $99,459,000 provided by Fannie Mae and arranged by Rocco Mandala of CBRE.
“The Phoenix market has demonstrated resilience during the COVID crisis, and we believe in the region’s potential for economic growth in the coming years.”, said Mark Gleiberman, MG Properties Group’s founder and CEO.
Photo by MG Properties Group
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The apartments have various amenities and plenty of parking, with a location that’s walkable to the future light rail station.
The former LIV Bel-Red, now dubbed Vue 22, has sold for over $190.6 million, according to King County records. The seller was an LLC associated with Kennedy Wilson, which acquired the property at 2170 Bel-Red Road in 2016 for about $171.6 million.
Vu 22 Apartments
Photo courtesy of MG Properties Group
MG Properties Group based in Sorrento Valley has acquired an apartment complex in Bellevue, WA for $191 million.
Built in 2015 as LIV Bel-Red, the 451-apartment complex has been renamed Vu 22 Apartments.
MG Properties bought the complex from Kennedy Wilson Fund V.
David Young, Corey Marx, Chris Ross, and Jordan Louie of JLL represented the seller.
MG Properties Group represented itself.
“We have been very active purchasers in the Seattle region and believe Bellevue is well positioned to benefit from economic growth in the near term. Vue 22’s location and profile make it an excellent fit for our long-term cash-flow oriented private capital investor group.” said Mark Gleiberman, MG Properties Group’s CEO.