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.